IN THIS LESSON

Setting up the right administrative foundation can make the difference between a thriving business and one that struggles to stay afloat.

  • Business Bank Account: You need to set up a business account, this can be done online from the comfort of your home, or you visit a bank to have it done. A business bank account is:

    • Required for limited companies

    • Recommended for sole traders to separate personal and business finances

    • Compare offers from different banks - many offer free periods

    • You'll need proof of ID, address, and business registration documents

  • Bookkeeping System: You want to be able to understand what comes in or goes out of your business, what better way to do this than have a good book keeping system.

    • Choose a software that suits your business size

    • Popular UK options include Xero, QuickBooks, and FreeAgent

    • Track all income and expenses

    • Keep digital copies of receipts and invoices

    • Record business mileage if using a vehicles.