Accounting and bookkeeping

The prospect of bookkeeping is enough to strike fear into many people who want to start a small business. 

Yet with the right system in place, maintaining simple financial records doesn't have to be an ordeal - it simply involves detailing business income and expenditure from the outset and keeping accurate records.

As well as being a legal requirement (you must retain your financial records for six years), staying on top of your bookkeeping will help you to monitor your cashflow.