There are numerous benefits to keeping your accounting records up-to-date throughout the year
Keeping up-to-date accounting records will help you to review how you are running your business and how you can make it more profitable.
Will your accounting records provide answers to these questions?
Do you know whether your business is profitable?
Have you monitored the costs when considering the pricing of your products/services?
Are you incurring any unnecessary costs?
Have you paid for any business expenses privately and not reimbursed yourself?
Does the business have sufficient profits to take more funds out?
Have you taken too much out and as a result need to re-pay the business?
Are you in a financial position to do this?
If you are operating as a limited company, having the ability to regularly review the accounts information, can help you with better tax planning. For example, you can review your remuneration before the end of the tax year each April and review the P11D implications of any benefits in kind.
Without the pressure of external management it is all too easy to delay dealing with your accounting records. Your attention is (and should be) focused on customer delivery and service, as well as sales and marketing.
In conclusion outsourced accounting may be something to consider for your business. Find out more about how our outsourced accounts and management accounts could help you.