Top 10 Tips

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  • Use Internet banking – This allows you to pay suppliers directly and check on receipts into your business account as often as you wish.
  • Don’t issue cheques to your suppliers as a cheque is valid for up to six months after it is dated and can be cashed at any point during that time. This can only confuse your cash-flow.
  • Do not accept cheques as payment. Accept either bank transfers or standing orders. For a nominal fee you can open a PayPal or similar account to enable you to accept debit and credit cards.
  • Paperwork is STILL king! Although a lot of us have moved into the electronic age Government bodies such as HM Revenue & Customs may ask for original documentation.
  • A place for everything, and everything in its place. File paperwork including purchase receipts, sales invoices and bank statements in a consistent manner. Think….could you readily find any paperwork six months after you filed it?
  • If you are paying your accountant to do bookkeeping, bear in mind regardless of what your accountant does for your business you will still pay the same hourly fee.
  • If you are VAT registered and provide services, therefore not receiving many Vatable purchase invoices, have you considered a flat VAT rate scheme?
  • Are you maximising the potential in your business by concentrating on your areas of expertise? Or do you find yourself spending evenings and weekends doing administration and bookkeeping tasks that you think is saving you money. It isn’t! Instead leverage these tasks out to other experts in their field.
  • Depending on your circumstances it can be more tax efficient for you to claim mileage rather than reclaiming from fuel receipts.
  • Do you have a projected cash-flow for your business? Do you know exactly what you owe and what you are owed at any given time?
  • Are you running your business or is your business running you? Financial mastery of your business is crucial.
  • Those of you with an attention detail will have realised that there are 11 hints, tips and recommendations above, not 10…… Always under promise and over deliver!!

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