You don’t have to be a great mathematician to do book keeping, but you need to be interested in the subject. When you are running side hustles you need to have some understanding of your incoming and outgoings. You need to understand what to record and why you need to keep records.
As soon as you start selling you need to register with HMRC, it is the law. It is necessary to keep track of where your money comes from, what you spend it on. As a self-employed business owner, I need to keep a stock check on what goods I have and any tools that I need to run my business. Financial statements will help you run your business efficiently, you will be able to keep track of invoices, apply for credit and employ staff. A business owner needs to understand their assets, liabilities and capital and how it impacts on the business.
I still use an excel spreadsheet but I’m doing some research into some of the free online portals to help me with the evolving task. We currently have about 10 different side hustles that generate income so you can imagine this is getting difficult to keep track of.
I’d be really interested in any advice or any portals you have found easy to navigate, post a message below