We are now well and truly into the financial year, so what should we be doing to make sure it’s a productive one – we should be getting organised!! Here are our top five tips to help you begin the new year on the right track:
- Complete any outstanding invoices and payments
Staying on top of your income and outgoings is important throughout the year, never more so than at year end. Many suppliers and customers will also reset their budget at the close of the year to start the new year with clean slate. Use cloud accounting software pay bills and send out final invoices. Then you can take payment directly from your invoice and automatic invoice reminders can also help you get paid faster.
- Utilise Cloud Accountancy Software to see your Cashflow, Income and Profitability
Businesses live or die by their cashflow. working with live information via the cloud makes it easy to see your cashflow, balance sheet and profit & loss to work out how to drive your business forward next year.
- Do your HouseKeeping
Always make sure your files are in order and your invoices, receipts, statements are filed and stored neatly where you can find them, either as hard copies or online. If you’re queried on your accounts by HMRC you’ll need to have the evidence to back it up – so be prepared.
- Make sure employee and pension information is up to date
Check that your payroll settings, and opening balances are correct and that you have up-to-date information about all of your employees in your chosen software, it is essential to be on top of this to ensure compliance with your Workplace Pensions and auto enrolment staging dates.
- Meet your bookkeeper, accountant or financial advisor
Talk to them and make lists of the tasks they need to carry out. Consequently this will help them focus on your business throughout the year. Don’t forget to ask for advice for the new UK financial year to help you identify the opportunities and risks for your business. Any good accountant (Magpie Accountancy) will be happy to discuss your plans.
If you need further advice or feel that you could do with some accountancy support Magpie Accountancy are always happy to talk numbers, so feel free to contact us firstname.lastname@example.org or 07957 245 760