Bookkeeping Help for New Taxi/Private Hire Business

[Haz]

Hi All

Just came across this site whilst trying to get some info on basic bookkeeping.

I am being made redundant sometime between now and June 2007 after the company i have worked for 15 years has announced it is to close.

The area where I live has a shortage of Taxi/Private Hire companies and so I am looking to use my redundancy and set up my own business (Sole Trader).

I have got all my Licence application forms and doing my test next week but the thing that worries me most is the bookkeeping which I would be looking to do myself as I wouldn't have thought was too difficult for a taxi driver.

I have tried to book onto a basic bookkeeping course in my area but there is nothing available until the new year. I have borrowed a book from library but could do with a bit of help with what columns etc in account book I would need for this and how I put the start up costs down at the beginning.

Say for instance, I invest £10,000 from my redundancy, and then purchase a vehicle for £8,000 and all my other equipment (Licenses, radio, meter etc) for £2000, how would I start the account books with this.

Thanks in advance
Paul

[propertybytube]

The entry is

Debit Fixed Assets
Credit Investment/Loan from sole trader


There are a few things that you could do as a start.

1. Keep all the invoices and receipts from day one
2. Set up a separate business account. Don't mix up with your personal account.
2. Set up two new files - one file for bank statements and the other one for all the expenses record (invoices, receipts etc...)
3. Keep a record of your daily takings. Try to bank all your takings as often as you can so that you can track your earning from bank statements.
4. Apply a business credit card - try to use this card for all business related payments.

Then, you can start to do a monthly bookkeeping through your bank statements.

[Amsey]

Hi Haz,

If you email me through my website, I will happily send you an excel spreadsheet which should make your bookkeeping much easier.

Good luck with the new venture!

[Haz]

Thanks for replies.

Have sent email through your site, Amy.

Thanks

[James Smith]

*shameless plug*

You could try my ebook on how to keep accounts for the small business.

http://www.jamesesmith.co.uk/ebooksmallbus.htm

This should give you pretty much everything you need to know to keep basic records on a single entry basis.

Regards,

[Adam]

James used to give initial free advice so he might be a good person to call.