If you have recently started a new business, you may be struggling to juggle the various responsibilities you now have. While you may be focused on providing the best possible service, it is important that you do not let your administration and accounts to fall into disarray. If you do so, you could face a real headache when it comes time to file your tax returns. Below is a handy guide which will help you to get on top of your accounts, so you no longer need to panic when the tax season starts.
Take Action
A major reason that many small businesses fall behind in their accounts and administration is that no one takes action to prioritise this area of work. While you may scribble notes reminding yourself to look at the books and talk about doing this in meetings, none of this actually achieves anything. You should set aside a day when you can sit down and actually start to organise the office. Let others know that you will be busy all day and that you should not be disturbed. If your accounts are in a real mess, you should not expect to get them sorted in one day. The key is to dedicate some time every week to organising your accounts. Little by little, you will be able to get on top of things.
Keep Records
While it may be tempting to try to remember everything, there is no guarantee that when it comes to sorting out your accounts that you will be able to remember why you made every payment or which expenses listed on your bank statement can be used as part of a tax rebate claim. You should set up a new system for keeping receipts and logs of payments and money received. If you need to clarify a payment, you should get into the habit of making a note on the receipt, statement or invoice.
Hire a Professional Accountant
If you feel that you need a helping hand, you should get in touch with a professional accountancy firm. An accountant will be able to use specialist software to manage your accounts. The accountant will also produce reports which can help you to monitor the performance of your business so you can plan for the future.
If you are interested in finding out more, you should contact an accountancy firm today for further information.
Share28 November 2017
Good day. I’m Linda and I run two family businesses — building contractor and aged care staff agency. It is quite a feat to juggle schedules and keep track of finances. I have become quite an expert with business management software. I have also learnt the vital importance of having good accountants to give advice and keep bookwork up-to-date. Prior to starting our family businesses, I honestly thought accountants existed to organise tax returns. I now understand that their jobs are much more complex and they can help your business prosper. I started this blog to highlight the numerous ways I’ve found that accountants can contribute to financial success. Please browse through the posts and I hope you find something useful within.