Keeping your books in good order is vital to the success of any business. Whether you are just starting out or you have been in business for years, our handy hints (including where to find the best VAT services Peterborough has to offer!) will show you how to make sure your books are up to date.
Set Up a System
The first thing that you need to do is set up an accounting system. Unless your business is very small and your accounting needs are very straightforward, it is always preferable to have a digital accounting system. Computer-based systems take the boredom out of repetitive tasks and can save you an incredible amount of time – so take some time to shop around and find one that is a) secure, and b) meets the current and future needs of your company.
The VAT Services Peterborough Clients Trust
One way of making sure that your books are always up to date is working with an accountant for VAT services. If your business has sales of £85,000 or more during the past year, you should be VAT registered and completing VAT returns. We will be able to help you register for VAT, and then once you are registered, we can prepare your VAT returns for you. Alternatively, we can help you to prepare them. Whatever you decide on, we will work with you to ensure that they are completed and filed online with HMRC right on time.
Set Aside Money for Tax
While you are so focused on the here and now, it can be hard to plan for the future. However, there are some things that you can do right now that will make the world of difference in a few months’ time – and one of those is budgeting for tax. By putting aside money now, you will have what you need to settle your tax bill at the end of the financial year. Do this in a separate savings account for your business. How much should you save? Putting by 25-30% of all income you receive should give you all that you need.
Keep Hold of Your Receipts
It is really important to keep hold of all of your receipts – both for every payment made to and every expenditure made by your business. This will help you to complete the most accurate tax return at the end of the year. There is no set way to keep track of your receipts, and methods vary from company to company. Once you have settled on how to record them though, stick to it – and make sure that everyone else is aware too, so that nothing is missed and has to be chased up further down the line.
Check Through Your Unpaid Invoices
It is a good idea to check through your unpaid invoices once a week. Once an invoice has been sent, it is really easy to lose track of it – and this could be incredibly costly for your business. So make sure that you make a note of when an invoice was sent out, and then chase them up if they are not paid. Doing this once a week means that you will easily be able to keep track of what is still owed to your business, and you will be able to take the appropriate action as and when it is needed.
We Are Here to Help
There are many more ways in which you can best keep your books in good order, and we are a font of knowledge! We are here to offer our clients all the advice and pointers they need. So if you have a burning question, do not be afraid to ask!
We work with a wide range of businesses in and around Peterborough, and we are passionate about helping local companies succeed. Whether it is regarding our VAT services or something else, we are ready to talk.
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We are here to help!