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Make sure that you have every aspect covered, from recording sales to filing your tax return
Properly managing your accounts will help your business stay on top
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Keeping accounts in your business is one of the most common areas of business neglect. It needs to be done for both internal (your knowledge) and external (tax and company legislation) reasons and yet many business owners underestimate the time and effort needed to get it right. Once you have set up a good system, it just needs regular attention. But ignore it for too long and you are going to have problems.
Managing the end of the financial year means dealing with reporting for tax purposes. It is the point when all the records you took during the year are actually needed and any failure to keep track could come back to haunt you. Here are some tips and tools to help you.
As a small and medium business, the government is always trying to encourage you to grow, so there tend to be exemptions if you look carefully, or have a diligent accountant. Some of these are outlined here.
Value Added Tax is an important tax for all businesses, especially those in hospitality, where they often have more on sales than on-purchases. You can find VAT basics and some tips to managing your VAT in this section.
Costs and business profitability
Understand how to control your costs and manage your profit
Controlling your labour
Carefully managing the people element of your business will save you time and money
Cash flow management
Cash flow is vital to any business - if you aren't watching it, start now
Measure your financial performance
Follow the key performance indicators that tell you how your business is doing
Business funding
Help your business find the wings to fly
External Link
High speed training online bookkeeping course
Business finance basics
HMRC homepage for VAT for all businesses
Services from ARC Licensed Trade Consultancy