02/06/2020 by Beki Wallace AATQB MIAB 0 Comments
WHY HAVING A SHOEBOX IS THE WORST MISTAKE EVER! Vol. 2.
Do you keep your business receipts in a shoebox?
If you do it will COST YOU MONEY 💰
Here's one of the reasons why.....
All the information is in the shoebox.
The accountants only have to sort and file my return. Hopefully it won’t cost too much......
Having the information presented in a state of chaos means it will first need to be organised and arranged.
This process alone can be very time consuming,
especially if the receipts are folded up, faded or damaged.
The receipts then need to be recorded and reconciled before final accounts can be prepared and returns submitted.
⭐️ A bookkeeper can manage all business finances. An accountant will charge more for this service.
If documents lost or things are left to the last minute it may result in a late submission and a fine from the tax man.
✅ Maintaining records regularly will ensure that the accounts are up to date and returns can be submitted quickly and easily.
If you need any guidance then please do get in touch