Tax, Accounts, Business Start-Up, Advice & Support from Experienced Chartered Accountant, Essex
There are a few helpful little changes and additions which small businesses should incorporate into their day that could prove advantageous. Even if the amounts are relatively modest, it is really worth keeping a daily record of all expenses and costs. Phone apps allow you to take a snapshot of your receipts which are in most cases acceptable by HMRC. You can check online which receipts need to be retained in paper form, and remember to record both the front and back of each receipt to get all the information. Keep on top of invoicing and chase payments promptly every day rather than at the end of the month, as this will ensure a healthy cash flow. Stay aware of what you are spending your money on by checking your bank statements daily, and making a note of the amounts coming in and going out and what they relate to. Alternatively, there is accounting software available to help monitor your bank data, enabling you to log in at the end of the day and clarify each transaction.
Be sure to note how much time is spent on each task immediately while it is still fresh in your mind, as weekly timesheets require an excellent memory. It is also a good idea to note how much of your time is spent carrying out work you do not include on your invoice. This will clearly show you where you can improve your profitability and indicate where improvements may be made.
This kind of organisation goes a long way towards easing any stress involved in running and growing your business, giving you the freedom to concentrate on providing products and services.
John S Culwick, based in Essex, is a qualified chartered accountant offering tax, accountancy and business support to individuals and businesses in areas including Billericay, Basildon and Hockley. A highly personalised service is assured whether its tax returns, start up business advice and support, bookkeeping or payroll. Services like budget planning and liaison with the Inland Revenue and VAT are provided in an exceptionally professional way. We bring a uniquely tailored service to suit you with all your business needs, so call us on 01268 680702.
Personalised Service including Bookkeeping, Payroll, Tax Returns, Inland Revenue Liaison for Businesses & Individuals in Billericay, Basildon & Hockley