Accounts and Tax Returns: from the desk of a small business
February 2, 2010
Bookkeeping! Done professionally, your bookkeeping will advise you as to when you can buy that upgrade, take on a new employee or seek investment. You can track your actual spending and income against your budget and rest easy at the end of the month, knowing there is money in the bank for payables.
Who does your accounts? We all fall into one of the following three categories:
Not Done at All
No tax returns filed, you simply pay your bills and bank your receipts. It’s never too late to start filing those returns, but fail to do this and the tax man will eventually catch up with you. Find yourself a bookkeeper to bring your accounts up to date, they should also be able to find you a good accountant who can file your accounts and ensure you are receiving all the deductions you are entitled to.
You do your own Bookkeeping
If you do your own accounts and forward these onto your accountant you are in the majority. Ensure that it is economical for you to do your own bookkeeping (and not taking you from working ON your business), you are definitely saving money by doing the ‘groundwork’ yourself. Keep your accounts up to date and ensure that you are retrieving information relevant to your business from these accounts. They can be an invaluable tool.
Your Accountant does all your Bookkeeping
An accountant is the most expensive option of the three, and the least stressful. There are many fantastic ‘Online Accountants’ now for those of you who prefer to do carry out your business ‘Virtually’ and a good accountant is always a great investment to your business.
Many business owners don’t understand bookkeeping; others understand it, but may be afraid of what the numbers might tell them. Think of it this way, bookkeeping is the glue that keeps your business together. If your records aren’t in good shape, the business could fall apart. A healthy business is monitored through its records on a regular basis so you can find problems and correct them before it’s too late.
For more information on how a Virtual Assistant can assist with your Accounts and Tax Administration visit me at http://www.yourva.co.nz/.