Everyone loves a Bank Holiday don’t they? A couple of weeks before this blessed three day event, picnics and family bike rides all seem possible; BBQs and Pimms - a distinct possibility. Even the BBC weatherman can’t cast doubt on the need for sun block from this distance.

One week before and you start to pay more attention to the orange-aproned DIY lot and their discounted peonies and state of the art grills. Clients enquire what your plans are for the weekend and even the weather forecast offers a 30% chance of sunshine between 2pm and 2.03pm.

By the Thursday you know you were fooling yourself. The pile of invoices and receipts are huddled together for companionship - let's face it, they’re getting no attention from you. You realise that this Monday was actually a chance for you to catch up on the dreaded paperwork while your inbox, phone and appointments are forced into a temporary silence.

At Simply Balanced Solutions, we say “NO!” that’s what we’re here for. We will give that pile of paperwork all the attention it needs – and some!  

You deserve that Pimms and that bike ride in the rain. You deserve to sit in the beer garden of your local pub with your face tilted toward the sun between 2pm and 2.03pm.

So if this Bank Holiday Monday was more filing than flipping burgers, you need us in your life.   Email or call us now to see how we can help so that you can enjoy the next Bank Holiday which is only 3 weeks away.  Not only will you recharge your batteries making you more productive, we will produce useful information to help your business grow and succeed.

Simply Balanced Solutions – We will give you back your Bank Holidays.

According to accounting bites these are the top mistakes made by small businesses when it comes to their finances.  How many are you guilty of?

1. The shoebox approach 

This is the most common mistake, book keeping is best done as you go along. On the plus side you should have all the paperwork you need to give your bookkeeper but you will have no real idea of how your business is actually doing unless you turn it into something useful.  If you have a box of receipts lurking somewhere then gvive it to me and I will happily convert it into a set of figures you can use to figure out how well your business is doing.

2. Not keeping receipts

 Many businesses don’t claim all the expenses they are entitled to as they lose receipts, especially for small amounts.  Over time this can add up to significant amounts meaning that your accounts may not truly reflect expenditure and therefore profitability.

3. Not reconciling

 It is vital that you reconcile your bank accounts to your cash book on a regular basis.  If you don’t you may fail to record all of your income and expenses.  Bank reconciliation is all part of the service from Simply Balanced Solutions meaning you will always have an up-to-date picture of your business finances.

4. Mixing business and personal expenses

Whilst there is no legal requirement to have a separate business bank account unless you are a limited company it is advisable to do so.  If you mix up business and personal bank accounts, or don’t even have a business bank account, this can cause errors and often means that a sole trader will either claim too many expenses or too few.

5. Using the wrong accounting system

Each business has its own requirements.  For some businesses a manual cash book and records are fine but for many accounting software will be needed to keep track of debtors, creditors and VAT. Make sure you understand your accounting system and operate it correctly.  Simply Balanced Solutions can help you choose the right software for your business or design spreadsheets for you to use. 

Whether you are guilty or some, all or none of the above Simply Balanced Solutions can help you avoid the pitfalls that many small business encounter when running their finances.  Get in touch for a free no obligation chat and quote to see how we can make your life easier and more profitable.