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How to Manage the Finance of Your Business?

  • Posted 11th March 2015

How to Manage the Finance of Your Business?

Finance is the most important part of your business that helps it to survive. Although it is not an easy task to manage your finance, it has to be done. While you are on to it, make sure to avoid small mistakes as they can cause problems in financial management. Here are some ways that can help your finances stay organized.

Create and stick to your budget

Before starting anything else, you need to create a budget which you can simply follow to depending on your business. You can create a monthly, quarterly or yearly budget. If you have previously created a one, compare your current created budget with the previous one. With a planned budget in hand, you can surely manage your money effectively, meet your financial objectives and identify issues beforehand and overcome it. The budget could include staff training, marketing, office renovation and others.

Keep your receipts

Keeping the receipts of financial expenses may not seem important to you at this point of time. However, in the long run, keeping all these receipts will help you to track where your finances are going. Another benefit of having receipts of your expenses is you can easily prepare your financial statements and support items on your tax returns when tax deadlines approach. With the records, you can also easily monitor the progress of your business and identify the source of your receipts.

Set your business goals

When setting up your business goals, you need to determine your company’s current financial situation and come up with a realistic plan. Having a set of business goals will help you to refocus and build drive when things go off the track.

Remember all the important financial dates

There are many dates that you should be aware of to avoid any minor or major fines. That is why it is important that you remember all these dates. Some important dates are given below. 31st January – Deadline for the first payment of Self Assessment tax returns online 5th April – Deadline for End of current tax year 31st July – Deadline for the second payment on Account of Tax for 2014/2015 due to HMRC 5th October – Deadline for registering for Self Assessment for the 2014/2015 tax year 31st October- Deadline for filing Paper Income Tax Return with HMRC & for submitting tax return if you want HMRC to calculate your tax liability

Use accounting software

Accounting software programs can manage your accounts in a systematic way. QuickBooks, QuickBooks Online, Xero are some popular accounting packages that can process the accounting transactions of your business accurately.

Get a professional accountant

Investing in a professional accountant is worth your money. With expert knowledge and skills, accountants can check your financial position and advice you on financial matters saving your time and money. They are familiar with matters like tax codes, VAT, and corporate tax which ensure that your finances are in reliable hands. If you wish to manage your finance but do not know how to , do learn these tips and implement them in managing your finances. About Phoenix Tax Accountants We are a reputable firm with a group of accountants specialising in accounting, VAT, taxation and consulting services in the UK. If you would like to talk to one of our accountants then, please contact us at 075 1807 5357.

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