Paul’s Accounting New Years Resolutions

Happy New Year from all at Branston Adams;

In terms of New Years resolutions; as award winning Accountants we recommend planning for everyone:

1. Review your financials, not surprising advice from an Accountant.

It may not be the financial year end for your business, however, it doesn't hurt to go through all the figures and invoices periodically and now would be a good time so that you know where you are for the start of the calendar year.

Quality accounting software makes this easy for you – and does most of the work automatically. Be sure to choose the right software for your business. 

2. Talk to us (your accountant)

Once your accounts are in order, share them with us (your accountant) to check for planning and analysis.

It's good to review and sooner rather than later. That way you can ensure you save the right amount of money and avoid any unpleasant surprises.

3. Review goals

Reflect on the past year and ask important questions:

  • Did the business grow?
  • How did the revenue and profits compare with the previous year?
  • Are there any sales trends. Perhaps you can look at the sales graphs in your accounting software to see.
  • Try to understand how your business has changed since the end of the previous quarter or year. 

If business hasn't "improved" ask why - it might be a good time to get advice to help with the coming years financial planning. 

4. Review and Stay up-to-date with tax rules and filing deadlines

Tax rules and regulations change on a regular basis. Talk to your accountant to make sure you're up-to-date and understand how any changes affect your business.

Ask them when you'll need to file and pay tax. Set up your calendar with the appropriate alerts and reminders for the coming year. 

This year - 2019 consider any changes resulting from Brexit and related legislation.

5. Payroll

We run a number of payrolls and request clients input on - 

  • Paying bonuses
    Check local legislation – you can probably pay bonuses now instead of waiting for the end of the tax year. It might help your tax accounting to do it sooner rather than later, with European staff there could be Brexit considerations.
  • Consider Paying employees electronically
    Pay your employees by direct deposit to save everyone time, money and resources.
  • Reviewing employee status
    Make sure you know the difference between an employee and a consultant. Check the status of all your employees. If you get this wrong it will cost you money – and you may be penalised by the government.

6. Get your accounting software up-to-date

From VAT registered businesses this is a legal requirement by 1st April, under the Making Tax Digital provisions. 

If you're using traditional desktop accounting software or spreadsheets think about the benefits of changing to online software. Online accounting makes it easy to access your business accounts from anywhere.

7. Plan a Holiday

It's important to wind down and give yourself a break from work at least once a year. Taking time off to spend with family and friends will help you recharge, ready for the coming year.

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