how to manage your business record keeping for sole traders
TRANSCRIPT
‘How To Manage Your Business Record Keeping For Sole Traders
A Presentation for the Farnham Hub by
David Vasey of Rosemary Bookkeeping
Friday 6th March 2015
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Good Morning,A bit about me!
• Worked in hotel for 40 years
• Operations- GM for 18 years
• Finance Manager- 15 Years
• Started business up in 2013 to offer bookkeeping services
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‘What I hope you will takeaway from my talk today’
1. What you need to start your business
2. Software packages available to you
3. What you are able to claim in your accounts
4. Filing of your bookkeeping paperwork
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Starting your own Business:
What you need to get started:
1. A business Bank Account
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Starting your own Business:
What you need to get started:
2. To put all your invoices, receipts etc
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But seriously:
Software Packages:
1. Simple excel spreadsheets.2. VT accounting3. VT cash book
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Bespoke accounting packages:
On Line
QuickbooksSageXero
Desktop Packages
SageQuickbooks
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Basic Requirements:
1. It is a good idea to have a separate business bank account2. Keep all your receipts of expenses.3. Record your mileage to and from clients if applicable
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Profit & Loss Account:
What does it mean?
How often should you do this?
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Creditors-
Who you owe money to!
Debtors-
Who owes you money
You here the expression Credit control is a bit misleading because you are chasing debtors- the ones who owe you money!
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Recording of sales and expenses:
Sales:1. Sequential numbered invoices.2. Your company name & Address3. Itemised invoice4. Bank details for payments5. VAT number if applicable- current threshold £79,000 going up to £82,000 pa
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Expenses you can claim:
1. Office expenses- Stationary, Telephone, printer costs2. Travel- 0.45p per mile -10,000 miles then 0.25p per mile3. Motorcycle 0.24p per mile4. Rail fairs5. Car/Van Hire6. Parking7. Congestion Charge8. Toll fees9. You can’t claim for fines:
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Expenses you can claim: not Exhaustive
1. Bank Charges:- Credit card (if applicable) 2. Loan interest-3. Lease cost- Vehicle if only used for business-4. Professional Indemnity Insurance
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Expenses you can claim: not Exhaustive
1. If you use your home as an office you can claim a % of the following2. Insurance3. Rates4. Utility costs- Gas/Electric
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Summary
1. Open a separate Bank Account2. Keep all your Invoices/ receipts3. Log your mileage to and from clients4. Consider purchasing a bespoke bookkeeping package-5. Assign time to do your bookkeeping without interruptions!