Business is all about numbers, but unfortunately, many small business owners focus more on the day-to-day running of the business instead of the number side of it. Focusing on the day-to-day running of your business can be essential to making sure your business performs to the best of its ability, but sometimes you need to take a step back and look at the whole picture.
Here at Phebys, we have put together a couple of tips to help you stay on top of your finances:
Keeping Good Records – Phebys – Accountants in Cambridgeshire
It’s important to trace elements of company spending as all business transactions should be recorded, no matter how big or small they are. When it comes to possible tax dedications and expenses calculations, having this information could help a company save money as well as remove the risk of potential fines and penalties.
At Phebys, we are Xero gold partners, Xero is a cloud accounting software that allows you to keep up to date with your finances on the move. We also use Receipt Bank which allows you to take pictures of your receipts and then send them into the ‘cloud’, meaning there is no reason to keep all your receipts and then end up rummaging through a box of them to find the right one, saving you a lot of time!
While storing receipts can be helpful, having an automates process removes the chance of any paperwork getting lost. Keeping records is also important as it allows you to track payments from customers. Xero allows you to track all your invoices, allowing you to see if they have been paid or if they are overdue.
Meeting Legal Requirements
All business are required to meet a number of financial and legal issues and company directors need to be aware of them. Knowing how to extract profits from the business as far as the tax liabilities are concerned is incredibly important and failing to do so can result in massive fines
Dealing wit the administration side of a business can help it be more cost effective as unnecessary expenditure can be minimised.
Tax liabilities including tax returns and paying any associated bills should be seen as priorities for a company and this process can be made a lot easier as long as all accounts are kept in good order.
For a business that has a turnover of £81,000 or more, keeping quarterly VAT returns n file is a must as this can help to make sure paints of any liabilities are met.
Hire A Professional – Phebys – Accountants in Cambridgeshire
Here at Phebys, we offer a variety of different packages for our clients to ensure we can offer you the best possible service, no matter how big or small the business. For more information on any of our packages, visit our packages page or contact us today