Have you recharged your batteries after your summer holiday?

Sep 19, 2017

For many people their summer holiday is an opportunity to step back and reflect on their year so far and make plans for the future. Now that the summer holidays are over, here are some things you could consider to help you improve your business:

Tax planning

Whether your accounting year end is fast approaching or is a few months away, it is always worth considering tax planning opportunities.  One of the best ways to reduce your tax bill is to invest in new equipment.  This could be a new van for the business or a new laptop or desk for the office.  Any money you invest in new equipment can reduce the tax you pay, as well as improving your business.

There were many changes to tax rates and allowances announced in the last budget, so we would always recommend that you speak to your Accountant first to find out how these changes may affect you before you reach your accounting year end. It is vital to plan well to get the best tax relief.  If your Accountant can’t help you then please give us a call.

Cloud accounting

If you are using a software package that is stored locally on your PC or laptop or even using manual records then maybe it’s worth thinking about whether to change to an accounts package that you can literally take anywhere.

There are many time saving options within cloud accounting from being able to upload or automatically import bank statements, to quickly uploading invoices.  In addition you will be able to send invoices on the go.  If you are meeting a customer and you don’t know how much they owe you, it is possible to access this information on your phone or tablet and let them know.  This should speed up your debt recovery times, which is always a good thing!

Xero is a popular cloud accounting system used by many small business. We are Xero experts and will be able to give you a demonstration and help you decide whether the software would suit your business needs. We can also help you set up your online accounting system or transfer your data over from your existing system.  Just call us, we’ll be happy to advise you.

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