Try These Useful Tips…
To help minimise your time and your accountants time at year end, try these tips.
- Keep your personal expenditure in your personal bank account and your business expenditure in your business bank account.
- Diarise your tax dates and ensure you save money to pay taxes as they fall due – understand how to estimate the taxes due on the payment dates easily or save a % – work with your accountant on what that % will be each week/month
- Categorising expenses – ensure you are consistent and pay attention when coding transaction in your accounting system
- Stop thinking of Inland Revenue as the enemy – they are negotiable with discussion. If you cannot afford to pay any taxes we can organise an arrangement and minimise interest and penalties.
- Reduce time shuffling paper, there are numerous ways to save things electronically now which saves hours
- Getting behind in your bookkeeping, keep a regular time in your diary to do the paperwork – at least weekly if you are not doing it daily – 5 minutes a day can be all it takes
- Not setting a budget – if you don’t have a financial plan how do you know if you have achieved it?
- Talk to your accountant – in less than 10 minutes proactive accountant can give you practical tips on how to reduce the bookkeeping requirements for you.
- If you have no interest in doing the bookkeeping outsource it – cheaper in many cases than employing someone
- Learn to read your accounts – this will help you understand if things have been done incorrectly.
Book an appointment with Michelle – firstname.lastname@example.org if any of these issues are a problem and we will give you a free consultation to work out a better way.