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Five tips to move your business forward

Work smarter not harder, automate your processes

Are you doing certain things over and over manually? Automate as much as possible! We all have the same 24 hours in a day. You can either spend your time with your family having fun, or doing things manually and waste your time.

When it comes to finances, using a cloud accounting software like Xero is a no-brainer. It connects to your bank and other apps, such as Hubdoc, or Dext Prepare, which allows you to take a photo of your receipts and upload it to your Xero account. You will have to pay for a subscription, but it will save you a lot of time in return. You will be able to keep up to date with your finances and log in whenever, from wherever to see what is going on. You will be able to say goodbye to lost receipts and any nasty tax surprises.

Get paid faster

Nobody likes chasing people for payments. Xero allows you to integrate other apps such as GoCardless, PayPal, or Stripe, which make the whole payment process smooth. Research shows that 70% of payments were on time when making the payment simple and easy.

Manage your personal expenditure

Consider how to pay yourself from your business. As a sole trader, you can spend any money your business makes, but if you just dip in anytime you want to buy yourself a cup of coffee, it may be difficult to see how much you spend.

Having a separate business account and paying yourself every month a certain amount, is the easiest way to keep on top of your personal expenditure. As a sole trader, it is not a legal requirement to have a business account, but if you want your business to grow and prosper, you need to have a handle on your personal expenses too. Work out how much you need to live comfortably every month and pay yourself, the same you would if you were employed.

Remember, if you are self-employed, the money you take out of your business is not wages, but drawings and they are not considered an expense for your business and therefore are not lowering your business profit.

Planning for the future

Have you set new goals for this financial year? Whether it is to have more sales or make more profit; keeping your Xero up to date can help you plan for the future. You can prepare a monthly budget using your Profit and Loss Statement, forecast your profit and get ready for the future. If we’ve learned anything from the past two years of lockdowns and loss of earnings, it was the importance of saving up for rainy days and planning for the future.

Understanding your business better and knowing your financial position, will empower you to make better decisions. You will be able to save up for tax as you go, and be able to have a safety net, which will allow you to invest and grow your business.

Speak to an accountant

There are many ways you can make your business more tax-efficient. To start with, you should think about your business structure. It may be more tax-efficient for you to trade as a limited company and take money out in dividends. You may also benefit from paying contributions into a pension. Speaking to an accountant will not only help you keep up to date with tax laws, and deadlines, and bring your tax bill down. It will also give you peace of mind and more time to spend with your family and friends.

Think about your goals for 2022. How do they fit in with your personal life? You created your own business to make your own rules. Get organised and up to date with your finances. Use Xero to help you automate your processes and get paid quicker. Save up for tax as you go and most of all, ask your accountant for help; don’t struggle and waste your time. Spend your time doing what you enjoy!

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Testimonials

Rea Moores Creates

Starting up my own business I had no idea how much would be involved in preparing the tax at the end of the tax year and how much time bookkeeping would take. Fortunately Jana was at hand to help me. She guided me through all the steps needed for her to submit the documents to the tax office, answered all the questions I asked, and put me at ease. I would recommend brush up accounting to anyone that needed this service.

QualClean Ltd

I have engaged Jana as the permanent accountant for QualClean Ltd as my accountant of 7 years advised me, he was retiring.
In the last 12-18 months I have become a little disorganised due to workload, illness and several other external factors. This has resulted in me not staying on top of my accounting, bookkeeping and invoice payment chasing.

In less than 2 months, Jana has very efficiently organised me and has set me up with a whole new system to aid my efficiency. Moreover she has been really proactive in pointing out issues in my bookkeeping and most importantly, my invoice chasing. This has resulted in recovering monies that I had no idea I was missing!

I thank Jana for her highly fastidious approach and care and I have no hesitation in recommending her to colleagues and friends.

Nikki Ayton

Brush Up Accounting was recommended to me by a mutual friend and Jana has been like a breath of fresh air. I needed someone approachable, professional and experienced and I got all three.

Jana was excellent at communicating with me and she has always got back to me within 24 hours (if not sooner). She has made an onerous task a lot simpler by explaining the process step by step.

I highly recommend working with Brush Up Accounting.

How we work

⭐ We'll set up up on Xero, Brightpay and other essential software.

⭐ We offer fixed monthly fees, reviewed quarterly, with options for video meetings and screen sharing. If you’re

local to Telford, we are happy to meet you in person too.

⭐ We will handle your bookkeeping, prepare detailed reports, and have an in person or a Zoom meeting to go

over your profits together.

⭐ We will discuss how much money you need to save for your tax, how much VAT you need to pay, ensure you

fully understand all of your finances, and answer any questions you may have.

⭐ With your account accounts done monthly, you'll have a clear and transparent view of your finances. This

will help you to take more money home, be in a safe financial position, and plan for a more profitable future.

⭐ We're well connected and can introduce you to other professionals to help you achieve your goals.

How we work

⭐ We'll set up up on Xero, Brightpay and other essential software.

⭐ We offer fixed monthly fees, reviewed quarterly, with options for video meetings and screen sharing. If you’re local to Telford, we are happy to meet you in person too.

⭐ We will handle your bookkeeping, prepare detailed reports, and have an in person or a Zoom to go over your profits together.

⭐ We will discuss how much money you need to save for your tax, how much VAT you need to pay, ensure you fully understand all of your finances, and answer any questions you may have.

⭐ With your accounts done monthly, you'll have a clear and transparent view of your finances. This will help you to take more money home, be in a safe financial position, and plan for a more profitable future.

⭐ We're well connected and can introduce you to other professionals to help you achieve your goals.