Small business finances - with Wendy & Laughton Ross, Tonbridge Accountants

Bring Your Product Idea to Life

28-01-2022 • 47 mins

Wendy and Laughton Ross, the husband and wife team behind Tonbridge Accountants, join me to discuss finances for small businesses, and share their wealth of experience and knowledge with us, to equip us with the right skills and know how to understand and grow your business.  EPISODE NOTES **Please remember to rate and review the podcast - it really helps others to find it.** In today's episode, we're going to talk about finances for small businesses. It’s an area that I personally as a small business owner knew least about and struggled with the most. So I'm really hoping this will be helpful for all of you. Here to guide us through it all are Wendy and Laughton Ross, a husband and wife team of chartered accountants with over 30 years of experience. Together they run Tonbridge Accountants and they want to share their wealth of experience with like-minded entrepreneurs and ambitious business owners, supporting them to achieve their goals and grow their business.  Wendy and Laughton are passionate about using their skills and knowledge to take care of the financial side of things so that you can focus on what you're passionate about, which is your business.  Listen in to hear Wendy & Laughton share: An introduction to themselves and their business (02:35) Why it is important to have an accounting and bookkeeping system (03:49) The best ways to keep track of money going in and out of your business (05:40) The pros and cons of doing your accounting yourself (07:24) The information that you should be recording (11:11) The importance of having a separate bank account for your business (13:21) The difference between setting up as a sole trader and limited company, and things to consider (15:35) Why it is important to understand where your business is financially (27:05) The different business costs that you need to factor in (30:45) Costs you may be able to claim for if you are working from home (37:21) Their number one piece of advice for product creators (43:00) USEFUL RESOURCES: https://tonbridgeaccountants.co.uk/ (Tonbridge Accountants Website) https://www.facebook.com/tonbridgeaccountants/ (Tonbridge Accountants Facebook) https://www.instagram.com/tonbridgeaccountants/ (Tonbridge Accountants Instagram) https://www.linkedin.com/in/wendy-ross-fcca-85b82911/ (Wendy Ross Linked In) https://www.xero.com/uk/ (Xero) LET’S CONNECT https://www.facebook.com/groups/productcreatorsclub (Join my free Facebook group for product makers and creators) https://www.instagram.com/vickiweinberguk/ (Find me on Instagram) http://www.vickiweinberg.com (Work with me)  Mentioned in this episode: Get your FREE Amazon checklist to help you get started Get your FREE Amazon checklist to help you get started selling on Amazon: https://mailchi.mp/72c24952cf50/amazon_checklist https://bring-your-product-idea.captivate.fm/amazon-checklist (Get your free selling on Amazon checklist)