Small Business Accounting Does Not Have To Be Taxing!
The start of a new tax year is a great time to get your accounts in order, especially if this is also your accounting year end. Keeping your accounting records organised and ship shape doesn’t need to be difficult or daunting and to illustrate this, I thought I would share some advice and show you some simple steps that you could take to make life easier.
File your paper receipts to back up your business expenses as you go along. If you keep your records up to date you are less likely to miss expenses. No one wants to pay more tax than they have to!
Set aside some time in your diary on a regular basis to complete your accounting records (and stick to it!). The more behind you get the more daunting it will seem.
What you can and cannot claim for on expenses can be a little confusing at times and so my advice would be that if you are in doubt keep all of your receipts and ask your accountant, as the worst thing that could happen is that you cannot claim and you can then throw away that receipt.
If you don’t have time or don’t want to complete your accounting records yourself get
someone to do it for you. Don’t be afraid of getting help, as business finances aren’t the
strength of all small business owners and by getting assistance with this task you can
concentrate on what you are good at and the things that you enjoy.
File your tax return well before the deadline. This will firstly make you feel more in control
and secondly give you time to save for any tax liability (if you haven’t already!)
If you still have manual accounting records move them into an electronic format, as it will make life much easier. A starting point would be an excel spreadsheet or you may even want to consider moving to an online accounting package. There are lots of packages to choose from but the best on the market in my opinion is Xero. It is very user friendly, designed for non-accountants and very reasonably priced.
So as you can see even by following these few small steps, you can make a big difference to the financial accounting side of your business. My clients tell me that my advice is jargon free, my charges are very affordable and that I take away any stress regarding their accounts and so if you would like to find out how I could support your business give me a ring 01788 815017 / 07796 445115 or drop me an email firstname.lastname@example.org