This episode of the Your Recipe for Financial Success was first published on 17th June 2021. You can listen again by heading to our Episodes page, or on your favourite podcast player.
Business Accounting
Today Emma is joined by Guest Baker, Leanne Gunns, from Excel Accountancy. She knows all there is to know about business accounting so we asked her to come along and share her knowledge!
Business Accounting can seem pretty daunting if you haven’t done it before so here are a few key points to remember when getting started:
- Make sure when you are pricing your product or service that you are factoring in a cost for your time too
- If you are starting a business of your own, whether a limited company or otherwise, make sure you set up a separate bank account for business transactions
- Keep careful and organised records of all your costs and expenses
- Not sure if you need to be a limited company? Speak with your accountant who can explain the pros and cons of each. Being a limited company has its benefits but you may end up paying more tax in the long run if you could be trading as a sole trader instead
- A sole trader can still be VAT registered, and have staff and payroll!
Hopefully we have inspired you to go on your own budget holiday? Let us know where you go and how little you managed to spend on our Facebook page.
- If you would like to get your teeth into any more financial recipes, check out our other podcasts on our episodes page.
