Hilary Devey & Mick Allcock offer advice to small businesses on how to do better bookkeeping

The Business Inspector was a four part series broadcasted on Channel 5.  The show was broadcasted to capture the attention of small and medium sized businesses to try and change their behaviour towards running a business.

Presenter of the show Hilary Devey & Mick Allcock from the HM Revenue & Customs were interviewed after one of the shows.  Use the link below to view this short video.

Mick highlights how 30% of businesses aren’t taking reasonable care in their record keeping.  Many businesses have the ‘I will do it next week’ syndrome.

Mick & Hilary believe that right from the start businesses should get into the habit of doing their accounts every week rather than waiting until the end of the year and taking their receipts to their accountants which many businesses do.  When Hilary started out in business she done her own bookkeeping.  Her advice to businesses is to purchase a simple piece of bookkeeping software and produce a monthly Profit & Loss Account as it is easy to turn around one bad month rather than trying to turn around one bad year.  Keeping good records and knowing the cash flow of a business will determine success.

For any business who is looking for a simple bookkeeping system have a look at Fusion Accounts.  With Fusion Accounts being online you can grant your accountant access to your accounts and receive real-time accountancy support from them.  To access your accounts all you need is internet access enabling you to view them anytime and from any location.  Have access to your cash flow, aged debtors report and financial statements real-time with Fusion Accounts.