When juggling a business, homelife and the stress of modern-day living, staying on top of your records can sometimes be the last thing you want to deal with. Unfortunately, ignoring the issue won’t make it go away and getting on top of your bookkeeping with a looming deadline just adds extra pressure to a job most of us want to avoid.
To help with this, we have asked a few of our accountants for tips on what information they need and how to stay ahead of the game:
Tom: Staying on top of your emails.
Our first port of call as your accountant will be to email you asking for any records needed. Although a call can be great to discuss accounts in more detail, we know the last thing you need is for your accountant to call you when you are in the middle of a meeting or working on site just to ask for your records.
Tilly: Use a diary.
Paper or digital, it doesn’t matter, but keeping a record of your businesses key dates is a must! Although we will chase you for any records needed, you know your business best and will be able to schedule time to get your bookkeeping together if you know it will soon be needed.
Adam: Make sure to send bank statement for the correct dates.
When sending your bank statements to your accountant, make sure to send them for the correct period. This will vary depending on what they are preparing, VAT return, self-assessment or end of year return etc. If in doubt, make sure to ask you accountant for the correct dates, this will save you both time and prevent your accounts being delayed because they are waiting for data.
Carter: Send across your bank statement in a CSV format.
It may seem like a small ask, but sending your bank statement in a CSV format will save time and money and allow your accountant to create more detailed records. This in turn will allow them to provide more information on how your business is performing.
Roxy: Use a bookkeeping software.
Not only does this allow you as a business owner to keep better track of you finance on a day-to-day basis, but it also means your accountant can access your records whenever needed. We recommend you manage your own bookkeeping so that you have the levers of control, to which we will fully support and offer free training. We do also have a fully managed bookkeeping service if required.
Lastly, remember that your accountant is here to help. We know you may want to delete their emails and ignore their calls, but this is only going to result in missed deadlines and unwanted penalties and we know that no one wants to pay HMRC more than needed.
For more information on how our accountants can help you and your business, please feel free to call us on 02392 593917.