2018-04-12 07:23:46 Small Business English https://quickbooks.intuit.com/uk/resources/uk_qrc/uploads/2018/04/gopi.png New tax year, new tax you: From stressed to smug in 5 easy steps

New tax year, new tax you: From stressed to smug in 5 easy steps

2 min read

Make 2018/19 the year your accounting gets easier with a few simple changes and a little help from QuickBooks.

  1. Swap piles of paper for streamlined storage

Are you a shoebox, carrier bag or organised envelopes kind of person? However you dress it up, there’s no denying that paper receipts have had their day. So bid a fond farewell to your old school storage system and replace it with an online alternative, snapping and storing every receipt in QuickBooks as soon as you get it.

  1. Goodbye messy logbook, hello tidy tracking

Remember that trip you took sometime last February to talk to your suppliers? Probably not. So that’s one more journey you can’t claim for. Keeping accurate records of every mile your cover for work can be a bit of a headache. If you’re a QuickBooks Self Employed user, the app will do it for you. QuickBooks Online customers can download a compatible app such as Xpenditure. Then simply sort your trips into business or pleasure.

  1. No more unpaid invoices, thanks to accurate updates

Once you’ve sent an invoice out it can be easy lose track. Forget trawling through your unpaid accounts and invoicing with QuickBooks. You’ll be notified when an invoice has been viewed or paid as well as when the money reaches your account. You can even add the option for clients to pay electronically, directly from the invoice.

  1. Forget grueling data entry and connect to your bank

Most small business owners agree: there are few things worse than manual data entry. Not only does it consume hours of precious time, all it takes is one simple slip of the finger and everything’s out of kilter. Connecting to your bank will put an end to that, populating your QuickBooks account with your figures and applying any rules you’ve created to make reconciliation easier.

  1. Put an end to guesswork and use real-time reports

How’s business? It’s important to know where your finances stand, but giving an overview of profitability can feel like a combination of guesswork and wishful thinking. With QuickBooks you can get a clear picture of your business finances in a matter of minutes. Run custom reports to see where you stand and make planning for the future crystal clear by collaborating with your accountant online.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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