Questions and Answers
How do I know how much I am owed by my customers?
I run a small business but struggle to keep on top of what my customers owe me, is there a way I can easily keep track of my debtors?
Running your own business is time consuming and you need to concentrate on growing your business which, in turn, means quite often you will not always have time to keep on top of your finances.
If your business doesn’t receive payments from your customers, your cashflow will be impacted and may mean your business may struggle to pay its suppliers or – in extreme cases – your staff's wages.
To help keep on top of this, the use of bookkeeping software is recommended.
By inputting all the sales invoices, whether they are prepared within the software, manually or imported from another app to the bookkeeping software, you just need to allocate the receipts from your customers against the outstanding invoices to find out which customers owe you money at a particular point in time and how much.
By keeping your bookkeeping up to date, you have meaningful data to be able to chase your debtors at your earliest convenience to avoid any negative impact on the business's cashflow. Statements showing outstanding balances can easily be sent to your debtors straight from the software itself.
We can assist you with the set-up of the software and provide training for you to do the bookkeeping yourself. Alternatively, at TaxAssist Accountants we can do the bookkeeping for you and let you have the relevant information to be able to chase the outstanding debts.
If you would like any advice or assistance in this area please contact us on 020 3981 8102 or use our simple online contact form to arrange a free initial consultation.
Date published 26 Aug 2021 | Last updated 15 Oct 2021
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 409 locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.