The last thing any business owner wants to do is make mistakes when it comes to their financial reporting. Errors on your tax return could cause investigations and fines if you’re not careful. With that in mind, this quick post will draw your attention towards some of the most common mistakes and provide some suggestions on how to avoid them.
Not using spreadsheets
Programs like Excel are essential when it comes to recording your financial details and ensuring your accounts are up to date. However, applications of that nature have many other advantages too, some of which get a mention at the bottom of this page. The solution? Get hold of Excel as soon as possible!
Not recording all financial information
For whatever reason, invoices sometimes slip through the net and fail to make it into your accounts at the end of the year. If that happens, the tax authority is going to expect an explanation. The solution? Use software that automatically records all your income and outgoings.
Not getting your accounts signed off by a professional
It’s always sensible to get your accounts signed off by a professional accountant for a couple of reasons. Firstly, you can breathe a sigh of relief because you know the books are right. Secondly, HMRC requires that of most businesses these days. The solution? Find a local accountant and give them a call!
Make sure you consider all that information and put the advice into action as soon as possible. You will save yourself a lot of headaches if you do it sooner rather than later.
Made by STL training