Article Contributed by Mark James
Fear, worry, panic. All emotions that an impending tax deadline can register in the entrepreneur. Not just on a financial basis but on a little logistical basis too.
Not having any sway in government circles I can’t help too much on the financial front but I can help on the logistical front, drawing upon my own time spent as a solopreneur.
So, if you’re a little lax with your tax and struggling to get your accounting back on track, here’s a few tips that might help you throughout 2013…
First up, get to grip with the tax facts
For most of us, tax is taxing by its very nature.
Driving much of this confusion is the fact that legislation is constantly changing, making it a struggle to keep up with what you’ll need to pay, what you’re entitled to and the impact all of this can have on your finances.
Thankfully though, the IRS have recently taken strides to demystify things a little, introducing ‘webinars’ to explain the current tax system and just what you’ll need to do to get your taxes successfully filed. Taking a look at these should help improve your tax knowledge for 2013 and help ensure that you avoid any nasty fines.
Make accounting part of your routine
Integrating some accounting into your daily or weekly routine can greatly reduce the stress come tax return time, so see when and where you can put time aside and save this purely for some bookkeeping.
Yes, it may be dull in comparison to the other facets of running your business, but it’s nonetheless vital. Put it off and you’ll just heap more stress on yourself later down the line. Get to grips with your accounts sooner, rather than later.
Organise every aspect of your paperwork
Good organisation is integral to establishing healthy looking accounts.
Keeping all your documents in a disorganised draw or shoebox can cause unnecessary grief, making it a struggle to find those important documents when you most need them.
Instead, look into establishing a filing system, with different sections for invoices, bank statements and all the other facets of your finances. This should make constructing your accounts easier and decrease the stress come tax return time.
Get techy with your accountancy
Elsewhere, it’s worthwhile perusing over some of the accountancy apps and software currently available, as there’s a lot that can make financial management easier.
Apps like Pageonce offer a platform to keep track of all your ingoings and outgoings whilst the online accountancy market continues to grow, offering a neat and tidy place to keep all your accounting affairs online.
See what you need help with and explore the app store. Chances are that with over a million apps in there you’ll find something.
As we near the end of January, New Year’s resolutions are inevitably being cast by the wayside. Gym memberships going unused, diets being disobeyed and smokers relighting their cigarettes across the globe…. don’t follow suit with your accounting resolutions!
About the Author
This article was contributed by Mark James, an in-house Writer for Crunch, UK based small business accountants. He specialises in Small Business and Finance, more specifically how start-ups can succeed in what’s a tough economic environment.