Your Business With James Caan 2017 - 72

It all adds up

Keeping track of your business accounts is vital, but it doesn't have
to be taxing. Here's what you need to know about bookkeeping
he science of bookkeeping is
quite simple - it's essentially the
recording of financial transactions
within a business, and as such is
part of the accounting process.
For a small one-person start-up,
this could be as straightforward as
recording transactions as you pay
bills and make deposits into your
bank account. The system is more
involved for larger businesses or
enterprises that are likely to grow
quickly, but the end game is the same.
Bookkeeping isn't the same as
accountancy. Whereas a bookkeeper
keeps a log of financial transactions
(either on paper or electronically), an
accountant takes those records and
analyses them, prepares reports and
interprets any financial information
on behalf of the company.
One of the first decisions you'll need
to make is whether to use single- or
double-entry book keeping. The former
is a simple system where you record
transactions in a revenue and expense
journal every time you pay a bill or
receive income. Double bookkeeping
involves making at least two entries for
each financial transaction - a debit to
one account and a credit to the other.
This system is best for medium or large
companies with more complex needs.
Here we take a closer look at what's
involved in bookkeeping - and how
to help you avoid costly mistakes.
BILLING FOR GOODS/SERVICES SOLD

When you sell a product or service,
you need to raise an invoice to send to
your client. The details of this should
be recorded in a journal or daybook.
RECORDING RECEIPTS

It's essential to log every receipt
that passes through your business.

It's good practise to make notes on
receipts as to their business purpose,
especially for entertainment and dining
expenses. And don't get rid of them
once you've claimed - expense receipts
need to be kept for six years, or five
if you're a self-employed sole trader.
Scan your receipts and back them up
online to reduce paperwork - you
don't need to keep a paper copy.

suppliers are verified. Put simply, the
"budget holder" - or person in charge
of that bit of the business - should
confirm that those goods were received
and match the goods ordered, that the
price is correct and that the invoice adds

VERIFYING AND RECORDING
INVOICES FROM SUPPLIERS

Bookkeeping
doesn't have to
be done on paper.
There are plenty of
software packages
to make life easier

You should have a system in place
whereby all invoices received from

START-UP
MISTAKES
TO AVOID

LETTING IT ALL PILE UP
Do a little bit of bookkeeping

every day to keep on top of things.

NOT HAVING A BUSINESS
BANK ACCOUNT
Keeping track of your finances using
your personal bank account will

up. If a purchase order was sent, this
should be matched against the invoice.
Once these checks have been made, the
invoice can be approved for payment.

make life difficult.

NOT KEEPING BANK
STATEMENTS IN ORDER
It's a simple task, but fail to keep
things in order and you may miss
statements at the end of the year.

NOT HAVING A
FILING SYSTEM
You should have separate files
for paid and unpaid invoices, and
make sure you keep them in
alphabetical order.

LOSING RECEIPTS
It all adds up, so make sure
you keep every business receipt,
however small the amount.

PAYING SUPPLIERS

Suppliers can be paid by cash, cheque
or card, or electronically. Payment
terms must be within 30 days of
the invoice being received, unless a
different payment date has been set.
PROCESSING EMPLOYEES' PAY

If you have employees, you need to keep
an account of their pay - including sick
pay and other things such as maternity
or paternity pay - in your payroll.
Most businesses need to operate PAYE,
and your employees' payments and
deductions need to be reported to HM
Revenue & Customs every month.

WORDS: TRACEY LATTIMORE | PHOTOGRAPHY: SHUTTERSTOCK

T

72
72 YB2017 Bookkeeping jw.indd 72

03/10/2017 15:46



Table of Contents for the Digital Edition of Your Business With James Caan 2017

Your Business With James Caan 2017 - 1
Your Business With James Caan 2017 - 2
Your Business With James Caan 2017 - 3
Your Business With James Caan 2017 - 4
Your Business With James Caan 2017 - 5
Your Business With James Caan 2017 - 6
Your Business With James Caan 2017 - 7
Your Business With James Caan 2017 - 8
Your Business With James Caan 2017 - 9
Your Business With James Caan 2017 - 10
Your Business With James Caan 2017 - 11
Your Business With James Caan 2017 - 12
Your Business With James Caan 2017 - 13
Your Business With James Caan 2017 - 14
Your Business With James Caan 2017 - 15
Your Business With James Caan 2017 - 16
Your Business With James Caan 2017 - 17
Your Business With James Caan 2017 - 18
Your Business With James Caan 2017 - 19
Your Business With James Caan 2017 - 20
Your Business With James Caan 2017 - 21
Your Business With James Caan 2017 - 22
Your Business With James Caan 2017 - 23
Your Business With James Caan 2017 - 24
Your Business With James Caan 2017 - 25
Your Business With James Caan 2017 - 26
Your Business With James Caan 2017 - 27
Your Business With James Caan 2017 - 28
Your Business With James Caan 2017 - 29
Your Business With James Caan 2017 - 30
Your Business With James Caan 2017 - 31
Your Business With James Caan 2017 - 32
Your Business With James Caan 2017 - 33
Your Business With James Caan 2017 - 34
Your Business With James Caan 2017 - 35
Your Business With James Caan 2017 - 36
Your Business With James Caan 2017 - 37
Your Business With James Caan 2017 - 38
Your Business With James Caan 2017 - 39
Your Business With James Caan 2017 - 40
Your Business With James Caan 2017 - 41
Your Business With James Caan 2017 - 42
Your Business With James Caan 2017 - 43
Your Business With James Caan 2017 - 44
Your Business With James Caan 2017 - 45
Your Business With James Caan 2017 - 46
Your Business With James Caan 2017 - 47
Your Business With James Caan 2017 - 48
Your Business With James Caan 2017 - 49
Your Business With James Caan 2017 - 50
Your Business With James Caan 2017 - 51
Your Business With James Caan 2017 - 52
Your Business With James Caan 2017 - 53
Your Business With James Caan 2017 - 54
Your Business With James Caan 2017 - 55
Your Business With James Caan 2017 - 56
Your Business With James Caan 2017 - 57
Your Business With James Caan 2017 - 58
Your Business With James Caan 2017 - 59
Your Business With James Caan 2017 - 60
Your Business With James Caan 2017 - 61
Your Business With James Caan 2017 - 62
Your Business With James Caan 2017 - 63
Your Business With James Caan 2017 - 64
Your Business With James Caan 2017 - 65
Your Business With James Caan 2017 - 66
Your Business With James Caan 2017 - 67
Your Business With James Caan 2017 - 68
Your Business With James Caan 2017 - 69
Your Business With James Caan 2017 - 70
Your Business With James Caan 2017 - 71
Your Business With James Caan 2017 - 72
Your Business With James Caan 2017 - 73
Your Business With James Caan 2017 - 74
Your Business With James Caan 2017 - 75
Your Business With James Caan 2017 - 76
Your Business With James Caan 2017 - 77
Your Business With James Caan 2017 - 78
Your Business With James Caan 2017 - 79
Your Business With James Caan 2017 - 80
Your Business With James Caan 2017 - 81
Your Business With James Caan 2017 - 82
Your Business With James Caan 2017 - 83
Your Business With James Caan 2017 - 84
Your Business With James Caan 2017 - 85
Your Business With James Caan 2017 - 86
Your Business With James Caan 2017 - 87
Your Business With James Caan 2017 - 88
Your Business With James Caan 2017 - 89
Your Business With James Caan 2017 - 90
Your Business With James Caan 2017 - 91
Your Business With James Caan 2017 - 92
Your Business With James Caan 2017 - 93
Your Business With James Caan 2017 - 94
Your Business With James Caan 2017 - 95
Your Business With James Caan 2017 - 96
Your Business With James Caan 2017 - 97
Your Business With James Caan 2017 - 98
Your Business With James Caan 2017 - 99
Your Business With James Caan 2017 - 100
Your Business With James Caan 2017 - 101
Your Business With James Caan 2017 - 102
Your Business With James Caan 2017 - 103
Your Business With James Caan 2017 - 104
Your Business With James Caan 2017 - 105
Your Business With James Caan 2017 - 106
Your Business With James Caan 2017 - 107
Your Business With James Caan 2017 - 108
Your Business With James Caan 2017 - 109
Your Business With James Caan 2017 - 110
Your Business With James Caan 2017 - 111
Your Business With James Caan 2017 - 112
Your Business With James Caan 2017 - 113
Your Business With James Caan 2017 - 114
Your Business With James Caan 2017 - 115
Your Business With James Caan 2017 - 116
Your Business With James Caan 2017 - 117
Your Business With James Caan 2017 - 118
Your Business With James Caan 2017 - 119
Your Business With James Caan 2017 - 120
Your Business With James Caan 2017 - 121
Your Business With James Caan 2017 - 122
Your Business With James Caan 2017 - 123
Your Business With James Caan 2017 - 124
Your Business With James Caan 2017 - 125
Your Business With James Caan 2017 - 126
Your Business With James Caan 2017 - 127
Your Business With James Caan 2017 - 128
Your Business With James Caan 2017 - 129
Your Business With James Caan 2017 - 130
Your Business With James Caan 2017 - 131
Your Business With James Caan 2017 - 132
Your Business With James Caan 2017 - 133
Your Business With James Caan 2017 - 134
Your Business With James Caan 2017 - 135
Your Business With James Caan 2017 - 136
Your Business With James Caan 2017 - 137
Your Business With James Caan 2017 - 138
Your Business With James Caan 2017 - 139
Your Business With James Caan 2017 - 140
Your Business With James Caan 2017 - 141
Your Business With James Caan 2017 - 142
Your Business With James Caan 2017 - 143
Your Business With James Caan 2017 - 144
Your Business With James Caan 2017 - 145
Your Business With James Caan 2017 - 146
Your Business With James Caan 2017 - 147
Your Business With James Caan 2017 - 148
Your Business With James Caan 2017 - 149
Your Business With James Caan 2017 - 150
Your Business With James Caan 2017 - 151
Your Business With James Caan 2017 - 152
Your Business With James Caan 2017 - 153
Your Business With James Caan 2017 - 154
Your Business With James Caan 2017 - 155
Your Business With James Caan 2017 - 156
Your Business With James Caan 2017 - 157
Your Business With James Caan 2017 - 158
Your Business With James Caan 2017 - 159
Your Business With James Caan 2017 - 160
Your Business With James Caan 2017 - 161
Your Business With James Caan 2017 - 162
Your Business With James Caan 2017 - 163
Your Business With James Caan 2017 - 164
Your Business With James Caan 2017 - 165
Your Business With James Caan 2017 - 166
Your Business With James Caan 2017 - 167
Your Business With James Caan 2017 - 168
Your Business With James Caan 2017 - 169
Your Business With James Caan 2017 - 170
Your Business With James Caan 2017 - 171
Your Business With James Caan 2017 - 172
Your Business With James Caan 2017 - 173
Your Business With James Caan 2017 - 174
Your Business With James Caan 2017 - 175
Your Business With James Caan 2017 - 176
Your Business With James Caan 2017 - 177
Your Business With James Caan 2017 - 178
Your Business With James Caan 2017 - 179
Your Business With James Caan 2017 - 180
Your Business With James Caan 2017 - 181
Your Business With James Caan 2017 - 182
Your Business With James Caan 2017 - 183
Your Business With James Caan 2017 - 184
Your Business With James Caan 2017 - 185
Your Business With James Caan 2017 - 186
Your Business With James Caan 2017 - 187
Your Business With James Caan 2017 - 188
Your Business With James Caan 2017 - 189
Your Business With James Caan 2017 - 190
Your Business With James Caan 2017 - 191
Your Business With James Caan 2017 - 192
Your Business With James Caan 2017 - 193
Your Business With James Caan 2017 - 194
Your Business With James Caan 2017 - 195
Your Business With James Caan 2017 - 196
Your Business With James Caan 2017 - 197
Your Business With James Caan 2017 - 198
Your Business With James Caan 2017 - 199
Your Business With James Caan 2017 - 200
Your Business With James Caan 2017 - 201
Your Business With James Caan 2017 - 202
Your Business With James Caan 2017 - 203
Your Business With James Caan 2017 - 204
Your Business With James Caan 2017 - 205
Your Business With James Caan 2017 - 206
Your Business With James Caan 2017 - 207
Your Business With James Caan 2017 - 208
Your Business With James Caan 2017 - 209
Your Business With James Caan 2017 - 210
Your Business With James Caan 2017 - 211
Your Business With James Caan 2017 - 212
Your Business With James Caan 2017 - 213
Your Business With James Caan 2017 - 214
Your Business With James Caan 2017 - 215
Your Business With James Caan 2017 - 216
Your Business With James Caan 2017 - 217
Your Business With James Caan 2017 - 218
Your Business With James Caan 2017 - 219
Your Business With James Caan 2017 - 220
Your Business With James Caan 2017 - 221
Your Business With James Caan 2017 - 222
Your Business With James Caan 2017 - 223
Your Business With James Caan 2017 - 224
Your Business With James Caan 2017 - 225
Your Business With James Caan 2017 - 226
Your Business With James Caan 2017 - 227
Your Business With James Caan 2017 - 228
Your Business With James Caan 2017 - 229
Your Business With James Caan 2017 - 230
Your Business With James Caan 2017 - 231
Your Business With James Caan 2017 - 232
Your Business With James Caan 2017 - 233
Your Business With James Caan 2017 - 234
Your Business With James Caan 2017 - 235
Your Business With James Caan 2017 - 236
Your Business With James Caan 2017 - 237
Your Business With James Caan 2017 - 238
Your Business With James Caan 2017 - 239
Your Business With James Caan 2017 - 240
Your Business With James Caan 2017 - 241
Your Business With James Caan 2017 - 242
Your Business With James Caan 2017 - 243
Your Business With James Caan 2017 - 244
Your Business With James Caan 2017 - 245
Your Business With James Caan 2017 - 246
Your Business With James Caan 2017 - 247
Your Business With James Caan 2017 - 248
Your Business With James Caan 2017 - 249
Your Business With James Caan 2017 - 250
Your Business With James Caan 2017 - 251
Your Business With James Caan 2017 - 252
Your Business With James Caan 2017 - 253
Your Business With James Caan 2017 - 254
Your Business With James Caan 2017 - 255
Your Business With James Caan 2017 - 256
Your Business With James Caan 2017 - 257
Your Business With James Caan 2017 - 258
Your Business With James Caan 2017 - 259
Your Business With James Caan 2017 - 260
Your Business With James Caan 2017 - 261
Your Business With James Caan 2017 - 262
Your Business With James Caan 2017 - 263
Your Business With James Caan 2017 - 264
Your Business With James Caan 2017 - 265
Your Business With James Caan 2017 - 266
Your Business With James Caan 2017 - 267
Your Business With James Caan 2017 - 268
Your Business With James Caan 2017 - 269
Your Business With James Caan 2017 - 270
Your Business With James Caan 2017 - 271
Your Business With James Caan 2017 - 272
Your Business With James Caan 2017 - 273
Your Business With James Caan 2017 - 274
Your Business With James Caan 2017 - 275
Your Business With James Caan 2017 - 276
Your Business With James Caan 2017 - 277
Your Business With James Caan 2017 - 278
Your Business With James Caan 2017 - 279
Your Business With James Caan 2017 - 280
Your Business With James Caan 2017 - 281
Your Business With James Caan 2017 - 282
Your Business With James Caan 2017 - 283
Your Business With James Caan 2017 - 284
Your Business With James Caan 2017 - 285
Your Business With James Caan 2017 - 286
Your Business With James Caan 2017 - 287
Your Business With James Caan 2017 - 288
Your Business With James Caan 2017 - 289
Your Business With James Caan 2017 - 290
Your Business With James Caan 2017 - 291
Your Business With James Caan 2017 - 292
Your Business With James Caan 2017 - 293
Your Business With James Caan 2017 - 294
Your Business With James Caan 2017 - 295
Your Business With James Caan 2017 - 296
Your Business With James Caan 2017 - 297
Your Business With James Caan 2017 - 298
Your Business With James Caan 2017 - 299
Your Business With James Caan 2017 - 300
Your Business With James Caan 2017 - 301
Your Business With James Caan 2017 - 302
Your Business With James Caan 2017 - 303
Your Business With James Caan 2017 - 304
Your Business With James Caan 2017 - 305
Your Business With James Caan 2017 - 306
Your Business With James Caan 2017 - 307
Your Business With James Caan 2017 - 308
Your Business With James Caan 2017 - 309
Your Business With James Caan 2017 - 310
Your Business With James Caan 2017 - 311
Your Business With James Caan 2017 - 312
Your Business With James Caan 2017 - 313
Your Business With James Caan 2017 - 314
Your Business With James Caan 2017 - 315
Your Business With James Caan 2017 - 316
http://europe.nxtbook.com/emp/Careers/jcspring2018
http://europe.nxtbook.com/emp/Careers/JobsandCareersAutumn2017
http://europe.nxtbook.com/emp/Careers/YourBusinessWithJamesCaan2017
http://europe.nxtbook.com/emp/Careers/Careers/Careers_with_Hayley_Taylor_2011
http://www.nxtbookMEDIA.com