When starting his first business, a friend told me how he decided to use his personal bank account for all of his business transactions. This included the income he generated from his clients, along with all business expenses.[continue reading…]
Over the past decade office desks have changed massively, no longer do we see the dominance of calculators, notepads, writing equipment and instruments we used to update company accounts – our desks are now clutter-free and the computer has taken over. All of our trusted aids and devices can now be accessed through our PC, tablet or even our mobile phones. Most businesses have welcomed these changes, as with them they have brought dramatic increases in efficiencies and improvements in the way we work. Yet, one out-of-date accounting tool that many companies still hang on to is the “trusted” spreadsheet.
While having fun may not be a mandatory prerequisite for succeeding in the business world, if you have fun performing vital tasks, you stand to receive a number of benefits. First of all, you’re bound to pay more attention to what you’re doing (instead of just dozing off in boredom), thus reducing the likelihood of a mistake being made. Second, you’re less likely to procrastinate and postpone handling this task, which means that you’re more likely to handle your tasks in time and regularly update them. Finally, if you like what you’re doing, you’ll learn a lot quicker, seeing as how you’ll already have a strong intrinsic motivation for such a thing.
Readers Question: I was wondering how do I record refunds that I give to clients for services not received in my accounts. Should I amend the invoice or does it go on my expenses side?
Look, we’ve been there. You’re focused on delivering a project. Then another. Then something enormous comes along and takes up your time. Before you know it, the year’s up. And then it suddenly hits you that you’ve got a self-assessment return to file, and you’ve got absolutely no idea where to start.
When opting for the self-employment route and starting up your own business, the chances are that the tax aspect won’t come naturally. You may be asking yourself some questions: how do I pay my tax without an employer taking it from my wage? Or is there any way I am able to make savings on my tax return?
Cash flow is the term for the money that flows in and out of your business. From petty cash to business capital, cash is what keeps small businesses alive. While it is usually measured monthly, quarterly or annually, your cash flow should always be at the forefront of your mind.
Business growth is what every entrepreneur wants to see. But as your fledgeling organisation begins to spread its wings, you will likely find yourself spread ever thinner, spending more of every day distracted by things that have nothing to do with your core business.
One of the main benefits of cloud accounting software is that your business accounts can be accessed from anywhere and at any time. The capability to update data in real time for extra speed, accuracy and efficiency in accounting will enhance the company’s performance as a result.
The government are wanting to renovate the way we process and submit our taxes through Making Tax Digital (MTD) for VAT. Overall the scheme will allocate every taxpayer with a digital ID, this means that businesses and individuals will be able to manage all their tax activities online, reducing errors and late submissions for a more efficient system.
Being in control of your finances is key to keeping your earning model afloat. That’s why it’s so important to stay on top of your books as a contractor or a small business owner as you have multiple income streams to deal with. Effectively managing your finances can do wonders for the process of bookkeeping for your small business.
The digital age is upon us. HMRC is planning a total digital switchover which is set to be rolled out from April 2019. For some, this isn’t anything new – Making Tax Digital (MTD) has been in the public domain for a good while now.
Choosing the right accountant for you and your small business is imperative. An accountant can be like a partner, a trusted colleague who will provide guidance, especially regarding taxes as they can be quite complicated. In order for your business to grow, you are going to need a good accountant to offer advice and give you facts about your finances.