To help ensure that your business runs as smoothly as possible, you need to keep a close eye on how it’s performing financially and maintain up-to-date and accurate accounting records. Analysing all your financial data can be time-consuming, but there are software packages out there that can make life a lot easier. Most accounting software helps you to track your business account balances and keep track of accounts payable and receivable.

If you’re not confident about keeping on top of your finances even with the aid of software, you could hire a chartered account to help you complete your annual accounts. This won’t be cheap, but it may be invaluable.

A highly cost-effective way to record your business transactions is to monitor your business bank account online whenever it suits you and your business, 24/7. It’s also critical to review your business expenses and make sure they don’t get out of control. One simple solution is to use prepaid business expense cards. These can enable you to review spend by card and block certain types of spending, such as on jewellery.

Setting up and running a limited company can give you valuable peace of mind in case your company fails, but by paying a lot of attention to your business finances, you could massively increase your chances of running a successful business.