Blog Layout

Bookkeeping best practices for business success

Annabel Barnes • 16 May 2024

Bookkeeping best practices for business success

Bookkeeping is the backbone of every successful business. Mastering your bookkeeping processes means you will have a clearer picture of the financial health of your business. This is key in order to grow and scale your business. 


So, what steps can you take to make sure you’ve got your finances in order?


Maintain accurate records


It’s a legality that all businesses must record all of their financial transactions. What’s really important is that they are accurate and that your bookkeeping is done consistently. Using the right software is essential as this will eliminate human error. When you keep on top of your bookkeeping you have access to real-time accurate data so that you can make better business decisions.


Keep business and personal transactions separate


I know I say this a lot, but I can’t stress the importance of keeping your personal and business transactions separate. Having them all come out of one account is incredibly messy and you will lose track of what’s business related. If you’re a limited company it’s actually a legal obligation to have a business account, so make sure you are compliant! 


Reconcile consistently


If you’re doing your own bookkeeping then I suggest reconciling your bank account at least once a month, once a week is perfect if you can manage it. This means that the data you’re looking at is accurate and any reports you run are a true reflection of your financial status. If you don’t keep on top of your bookkeeping it will start to get out of control and the more messy it becomes the more you’ll keep putting off tackling it!


Monitor expenses


To ensure you’re paying as less tax as possible you need to ensure you’re claiming for every expense leaving your account. This means you have to keep copies of all receipts and invoices. With the amazing technology available such as Dext you don’t need to keep hard copies. If you take a picture as you spend on your mobile app then you’ll never lose a receipt again!


It’s also handy to run reports in your accounting software so that you know how much you’re spending and how much is really essential. This is a great way to improve your cash flow health.



If you’re wanting to grow your business then the best thing you can do is to outsource your bookkeeping. It’s a job you shouldn’t be doing as it’s not your area of expertise. Anything which you can outsource you should, so that it frees up time for you to concentrate on what you’re good at. Hiring a bookkeeper ensures compliance and gives you access to insightful reports which will help you to scale your business.


Outsourcing your bookkeeping doesn’t have to be a daunting prospect, let’s have a chat today!


by Annabel Barnes 4 February 2025
In this blog, you’ll discover why partnering with a professional bookkeeper is essential for managing CIS effectively and ensuring your business remains compliant.
Beauty salon
by Annabel Barnes 22 January 2025
Beauty is your thing—you’re passionate about making your clients feel amazing, which is why you decided to open your own salon. But let’s be honest, when you took the leap into business ownership, you probably didn’t give much thought to all the admin, paperwork, and that dreaded bookkeeping. Don’t worry, you’re not alone!
financial discussion
by Annabel Barnes 8 January 2025
The New Year is now underway and I’d love to know if you’ve given any thought to your financial planning for 2025? I cannot stress the importance of financial planning. Whether you're just starting out or a well-established business, financial planning should be one of your top priorities and here’s why.
by Annabel Barnes 23 December 2024
It’s very easy to get wrapped up in your business that you just don’t find the time for a break, even during the festive season. However, taking a well-earned break isn’t just a luxury—it’s essential for your long-term success.
by Annabel Barnes 12 December 2024
The festive period is a time of celebration, but for businesses, it can also bring unique financial challenges. From managing seasonal expenses to planning for the New Year, ensuring your business stays on track financially is key. At Bluebells Bookkeeping, we're here to help you navigate this festive period with practical budgeting tips and expert support.
Financial Reports
by Annabel Barnes 27 November 2024
While you focus on building your brand and driving growth for your business, staying on top of your financial health is essential to ensuring long-term success.
by Annabel Barnes 13 November 2024
When outsourcing your bookkeeping, you don’t need to worry about remaining compliant, as we’ll have all that under control for you.
by Annabel Barnes 30 October 2024
5 Common Bookkeeping Mistakes Made in the Construction Industry
finance meeting
by Annabel Barnes 16 October 2024
Running a successful business requires more than just tracking sales and expenses. To truly thrive, you need a clear understanding of your company’s financial health. This is where our Management Accounts service comes in. Management Accounts provide detailed, timely insights into your business's financial performance, enabling you to make informed decisions and strategically guide your business toward growth.
Construction finances
by Annabel Barnes 3 October 2024
In the construction industry, where projects can span months or even years, accurate bookkeeping is not just a financial necessity; it's really crucial for operational success. Here’s why precise bookkeeping is essential for businesses in the construction industry and how Bluebells Bookkeeping can ensure your bookkeeping is accurate, consistent and you have visibility of your finances at all times.
More posts
Share by: