Providing optimised cloud-based bookkeeping and customised analytics to enable you to know and grow your business. Based in Faversham, covering all areas of Kent.
The self-assessment deadline for 2015/16 is getting closer. As you turn your attention to collecting the required information follow this guide to help you identify areas that you can improve upon further.
Evaluate whether your current process for recording business income and costs and record keeping is adequate and how easy it is to collate income and cost figures. Can you see how much money your business is owed and owes? Was this process set up when you first launched your business and does it match the size and complexity of your current business.?
If your business has outgrown your processes, what do you need to change to address this?
It’s a long wait to the self-assessment tax deadline to find out how much money you made. Completing your tax return will not give you a detailed picture of where your profits were made.
What is the value to your business in keeping your records up to date and tracking a more detailed view of sales, costs and profits figures on a monthly and year to date basis?
If you have a medium-term plan for your business you can use this year’s self-assessment figures to see how you are performing against plan and whether any changes are needed.
Have you set challenging profits targets for your business and can you measure whether you are meeting them?
Excel spreadsheets and paper records are a low cost solution and ideal for a new business with low volumes and incomes. Using a well designed spreadsheet will allow you to record a detailed set of information and calculate monthly profit figures. Cloud based accounting software makes many bookkeeping tasks simple, saves you time and minimises paper records. There is a huge variety of software on the market and prices vary due to functionality, interfaces and integration with other products.
Have you reached a volume of transactions where it makes sense to investigate cloud accounting? Can you refine how you are recording your accounts today to learn more about your business performance?
As your skills and knowledge develop you will have become more confident ain understanding and managing your business finances. However you may have gaps in your technical knowledge and rely on others to fill this hole rather than managing your finances independently.
Can you identify your knowledge gaps and find ways to overcome them?
Top Tip: January is the busiest time of the year for bookkeepers and accountants so get recommendations, book early and always make sure they are appropriately qualified.
As this is the year of my first self assessment, I just felt I wasn't capturing the right data and I knew that I had not constructed a system to record it properly/efficiently. Before it got too late, I knew I needed someone to help me focus on the important areas.
Lucia re-organised an existing spreadsheet to ensure I could easily see profit and loss on a monthly basis as well as categorising my business expenses to make filling in my self assessment easier. She was flexible to fit me in around busy schedules (on both sides) and willing to answer questions via email and in person. She is patient and un-judgemental, which are always helpful traits when people are uncertain and especially when sharing financial information. I feel now much happier about tackling my self-assessment tax return.
