Driving Your Business Forward...

Why keeping your accounts up to date will help your business…

Today I’m going to give you 2 great reasons to keep your accounts up to date and how it will help your business!

Reason 1 – Less panic!

Without fail, December and January are always the busiest months for bookkeepers and accountants.  As the 31st January self assessment deadline looms, panic sets in for thousands of small businesses across the country.  “Where’s that box of receipts”, “Where’s the missing invoice”, “Have I got enough money to pay my tax bill?” – Does this sound familiar?  I’ve been there too! Before my bookkeeping business started I had already been self employed for 15 years.  For years I would wait until the last minute, checking my inbox with trepidation, waiting for the email from my accountant to tell me how much I had to pay before the 31st January.  It’s as if it comes as a big surprise, but in fact you have almost 10 months from the end of the tax year to submit your self assessment.  There’s 2 easy ways of keeping your accounts up to date – Firstly, there’s a great range of accounting apps and software out there which are easy to use and integrate with your bank.  By getting into a routine of entering your information regularly, you’ll know exactly where you stand with your accounts.  Alternatively, many bookkeepers (myself included) offer monthly packages.  We’ll collect your accounts at regular intervals throughout the year and keep everything up to date.  That way instead of scrambling around at the last minute, you’ll have everything in order and can plan for your tax bill in plenty of time!

Reason 2 – Understand Your Business Better!

How often have you actually looked at your business figures?  Many small businesses simply hand in their accounts at the year end of the year, pay their tax bill and carry on.  They repeat this process year after year.  How do you analyse when business was good? What went well in a particular month? How can you replicate it? What about the bad times? Why was business a bit slow in a particular period? What are you going to do so that doesn’t happen again next year? By using the services of a bookkeeper or accountant on a regular basis, they will be able to help you to understand your books.  They can help you to analyse where your money’s going and where it’s coming from as well as help you plan for the future.

If you’d like to know how I can help you further then please get in touch. Dave Shannon – 01782 906001dave@driveaheadbookkeeping.co.uk