For Businesses across the UK, April signifies the start of the new tax year. Whilst every business is different, there are some simple and easy ways to stay ahead and remain competitive in the 2015-16 financial year.
Keeping your accounts in check is one of the most important exercises for any business and although it may take some time, when done correctly, it will make life a whole lot easier. Without well managed accounts, you’ll struggle to know how much money you’re making or how much you need to pay the taxman. Nowadays, businesses have the choice of either manual bookkeeping or modern accounting software, so there’s really no excuse for not keeping on top of your accounts.
Why not pledge this year to dedicate an hour a week to reviewing your bank transactions, logging your expenses and managing your invoicing? Devoting just a small amount of time reviewing these details can prevent a messy pile-up and make it easier for you to judge the performance of your business.
Remember that good bookkeeping can give you some very useful information such as whether your business is making enough profit and bringing in enough cash to cover all its costs and leaving enough for you at the end of the day.
If you found this useful, why not check out our 5 tips that can help boost your business?