As we come to the end of 2021, we are already looking forward to the next year and what steps we need to consider to make it successful. For many businesses, finances are inherently linked with levels of success, and whilst there is always more to life than profits, having a stable framework and plan relieves a huge amount of pressure. Maybe you have no idea what’s going on with your accounts and you close your eyes in fear when the tax bill comes through as you have no idea what to expect?
One of the best ways to get your finances in order is to improve your bookkeeping skills. If you really want a great start to the new year, then have a look at our bookkeeping tips for a successful 2022. Don’t forget, if you do need any help with your bookkeeping business accounts then give us a call. Our team of professional and experienced accountants in Peterborough are ready and willing to help you.
So, here are our bookkeeping tips for a financially successful 2022.
Getting organised in business isn’t as easy as you might think. You need to prepare how you will organise your business records, so you can get start the year on a sound footing. This can actually be a really exciting and rewarding thing to do. We all feel proud when we successfully introduce steps to be more organised. The more organisation of your business or personal accounts, the easier it will be to keep on top of your cash flow and feel in control Think about folders, files or filing cabinets. Have somewhere to store invoices, receipts, documents, suppliers and more. Everything in your business that involves money, needs to be organised in a place that you can easily find. It is perfectly acceptable in our digital age to keep electronic records, along as they are readily available and retained for 6 years following the respective tax year end.
Many of us set New Years Resolutions for a better work life balance, but you need to balance the work finances and personal finances too. Separate your work finances from your personal finances. Keeping finances separated reduce the risk of losing track of where you money is going and reduces the risk of mistakes and confusions in your financial records and Tax Returns too.
Trying to do all your own bookkeeping can be tricky and leaves room for mistakes. You are great at your skill and sometimes we have to think in a relative way and a task that you find really frustrating can often be handled really effectively by your trained advisor. HMRC has pushed more and more businesses into Making Tax Digital, we must embrace the benefits of the technologies and that they potentially save you time and deliver higher quality information when you really need it. Bookkeeping software can make things a lot easier. You are able to streamline your bookkeeping process, and this will reduce the risk of making mistakes with your accounts too, and your financial records are now typically available to you through web based solutions anywhere you are and at any time of day or night.
A monthly check is a great way of staying organised and keeping on top of your cashflow and business accounts. As you review your monthly business records double check for mistakes, and make sure you have completed all tasks It’s a really good idea to put time in your calendar to block out an hour to review your accounts at the end of each month. These monthly checks will save you time in the long run, and potentially a lot of stress too. Self-review is extremely valuable and business owners should allocate dedicated time in every week to work on their own business, it is quite common to keep delivering for others and not taking that time for you, but by reviewing your finances regularly you are able to influence decisions in your business far earlier than otherwise may be possible.
If you need any help with your bookkeeping or business accounts, then call our team. We are here to offer advice, guidance and wider financial support you might need.