ABSTRACT
For a small practice the amount of paperwork relating to expenditure is relatively small, and the number of invoices coming in and going out will be limited, so it is easy to keep a summary sheet of income to date in any financial year. Good financial management is important, especially when it comes to the collection of money that is owed to the business. For the small practice or a sole practitioner, a small amount of text and a few spreadsheets that can be read and digested in 10–15 minutes should be sufficient. One of the advantages of having a limited company is that the accounts must be prepared in considerable detail, usually by an accountant, and an abbreviated account will be submitted to Companies House at the end of the company year. Charges and services vary from bank to bank for business accounts, so it is worth doing some research and shopping around.
