A few years back I was discussing with my then coach about how to get some simple but effective ‘how to do your accounts’ info in to the hands of small business owners.
Some of my own clients admit that the very thought of doing their own accounts puts them in a state of extreme fear, they can’t bear the thought of it.
My coach coined the term ‘Accounts Without Fear’ which led me to write an ebook of the same name. A basic, getting started guide using Excel, or equivalent spreadsheet software, to simplyfy the process of recording business income and expenditure for small businesses.
There are lots of accounting software packages out there but in my opinion, and those of other accountants, without wishing to sound patronising, they only complicate matters unless you really want business reports and you understand fully how the software works, to ensure you are entering the correct information. A lot of time can be spent by your accountant trying to unpick what you have posted if that is not the case. This is why accountants still prefer spreadsheets as a way of recording business transactions.
So my intention in writing the book was to show that the process of recording your business income and expenditure need not be something to be feared but with the right systems can easily be kept on top of instead of having the last minute mad dash and accompanying stress of complying with the Inland Revenue (HMRC) deadline of 31st January.
From 1st April 2019 HMRC are making it compulsory for businesses with an annual turnover over the VAT threshold to submit quarterly returns of their accounts together with their VAT returns. This is known as Making Tax Digital (MTD). Although the finer details are yet to be sorted out, such as how quarterly accounts will actually be submitted and how Corporation Tax reporting will fit in with MTD, it is nonetheless expected to extend to all businesses from 1st April 2020. Under current guidelines this is likely to mean that if your year end falls after 1st April 2020, e.g. 30th June 2020 then you will need to comply mid way through your accounting year.
Now is a good time to start thinking about preparing your accounts on a more regular basis and not leaving it until the end of January next year, or until you’re faced with compulsory quarterly submission.
In addition to the book itself I have included various resources including example spreadsheets that you can amend to suit your business, it couldn’t be simpler to get started with this.
If, you’re new in business or are someone who usually leaves it until January to do your accounts why not consider a small investment in your business by buying my ebook and getting started now?
To buy my Accounts Without Fear ebook click here
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