Whether you’re the kind of person who prides themselves on having their accounts in order every year, or you’ve just had yet another eleventh-hour rush to submit your tax return before the deadline at the end of January, the beginning of a new calendar year is a fantastic time to assess your books and ensure they’re all in order for the year ahead. Here are our top four tips for 2018 in terms of your accounts, making sure your bottom line is secure and most likely giving it a bit of a helping hand too.
1. Simplicity is key: keeping business records doesn’t have to be complex; in fact, the simpler you can make your system, the better. That way you’re not having to untangle your own convoluted puzzle to comprehend your own business accounts! This will also make it far less likely that you’ll overlook any unpaid invoices and have to chase them some months down the line. If your records have become unmanageable, the new year is a brilliant time to start over with an up-to-date system that works for you and your accountant.
2. Make your accountant’s life as easy as possible: your accountant’s role shouldn’t be to decipher your business’s half-finished and badly kept books. Not only does having your accounts in a reasonable order for them keep your expenditures low and lessen the probability of any unanticipated fines coming back to trouble you, but it also frees up the time you’re paying your accountant for—to offer advice and save your business money over time. So, with that in mind…
3. … When it comes to finances, keep everything: all your receipts and invoices need to be recorded and traceable. Digital technology makes this simpler now than ever, as paperwork can frequently be supplied electronically and everything that can’t, can be scanned and connected to your records. As long as you keep your records current, you shouldn’t find yourself turning your business upside down for that one crucial receipt you can’t find come the next tax deadline!
4. Get the tax man on your side: okay, perhaps you’re not likely to be asking ‘the tax man’ to the pub on a Saturday night, but it’s a decent idea to keep HMRC on side for your business. The HMRC website is the best way to get informed with everything you need to know and all the latest accountancy developments for your business. And, if you’re in doubt about anything, pick up the phone to the tax authorities sooner rather than later and find out the answer. Forewarned is forearmed, as they say.
If you’d like to contact us about this or any other matter, please feel free to give us a call today on 01789 263888 or email firstname.lastname@example.org.