We all set ourselves goals, aims and resolutions for the new year. Some of these are losing weight, stopping smoking ands joining a gym. While other people, faced with the stress of tax returns, swear that this year will be the year they get better at looking after their accounts.
In this blog post we have put together some accounting tips for the new year and guidance to help you ensure that your accounts are in order and ready for the tax year. It’s important that your accounts are in order for your business and for HMRC. It will also help reduce your stress levels and help you sleep easier at night when you know your accounts are in order.
The first thing you need to do, if you haven’t done it already, is to separate your accounts. Your business accounts and personal accounts need to be separate. All outgoings and expenses that are business related need to go through the business account. Using the same accounts for business and personal muddies the waters and makes the end of year accounts really tricky for you, your bookkeeper or your accountant.
The Right Advice
Lots of people will be willing to give you their ideas and advice. However, when it comes to business and your accounts – you need to be sure you’re getting the right advice. Here at AK Bookkeeping we work hard to build a relationship with our clients. They know that if they have any queries, they just need to ask. We will always offer professional, informative and relevant advice that will help their business.
Invoices Are Important
It’s essential that you understand the importance of invoices. These need to be laid out in a set way and include multiple important details. The incorrect invoice, or an invoice sent late could result in hazardous accounts or non-payment from clients and customers. As your friendly local accountants in Peterborough we can recommend invoicing tools that will help invoicing become a smooth and easy to manage process.
These are just three tips that will really help get your accounts in order for the new year. If you’d like anymore advice or guidance, contact our team directly. We will happily discuss your business, listen to your concerns and offer personal advice to help.