The end of tax year is almost upon us, so it’s a perfect time to take a good look at your finances, and consider how you can make them work harder for you for the following year.
Yes, that’s right, we’re already looking ahead, after all 15/16 was sooo last year!
If the end of the last tax year nearly sent you over the edge, then use this opportunity to get ahead of the game this year. So here are our tips to make the end of tax year 16/17 as stress-free as possible.
- Get a bookkeeping plan into place if you don’t have one already. Then schedule some time EACH WEEK to input your figures in, collate your receipts and ensure you remain on top of your finances and admin. It’s a typical Friday afternoon job, we’d recommend. You may be tempted to shut up shop earlier than normal, especially if the sun is shining, but trust us, you’ll be thanking your lucky stars you did spend that hour each week sorting all your receipts out.
- If this sounds like it’s going to be too much for you to manage, then consider outsourcing. If it seems like an expensive thing to do, then think of it in this way; your time is valuable and if you can spend extra time each week working on your business, getting a new client in, networking to meet new contacts or even simply to let you go home and spend the evening with the family, that really is worth it, and will pay for itself in no time at all.
- We know, they are a total nightmare. But, if you keep records of all of them as you go along, then it won’t be an arduous task at the end of the year. If you’re one of those people that ends up leaving receipts at the bottom of the bag or accidentally putting them through the washing machine in the pocket of your trousers, simply take pictures of them with your phone as soon as you get them or at the end of the day. It’s an easy enough thing to do if you get into the habit.
- Your accountant should be in touch with you around this time of year (if you have one) and so will be able to help you structure your accounts going forward if you need. Plus, there may have been some changes recently announced in the Budget which may affect you, so it really is worth a catch up. Your accountant should be fully aware of anything that needs to change as a result of the Budget, so if they aren’t, then you need to get a new accountant!
- If you aren’t recording your finances online, then think about moving over to an accounting software package. If you don’t have an accountant, or if your accountant isn’t linked to a software package, you can sign up to one yourself. They aren’t a huge monthly cost, but again, the ease with which you can input your data and collate records is incredible, you won’t believe how much time will be freed up
Working smarter and systemising your accounting and admin related tasks can seem like a thankless task, especially if you’ve just spent hours trying to sort out your end of year accounts. But spending extra time getting systems and processes into place now will mean you can sit back, relax and watch the madness unfold when others are scrabbling round trying to get their affairs in order!
If you’d like some advice on how to structure your accounts, or even like the idea of outsourcing your bookkeeping, please get in touch and we can arrange all of that for you, leaving you to concentrate on the important things, like growing your business.