Are you sick of paying fees for your accountant? Sure, whether you run your own business, are self-employed, or simply want someone to take away all the hassle of bookkeeping, an accountant can be a real help. But, eventually, those sky-high fees will become a big drain on your finances, especially if you are struggling to make a profit in the first place.
Think it’s worth trying to be your own accountant? It’s worth testing this out, even if it is just for a year or two, to see how you get on. Thankfully, these following tips can help you keep on top of your finances and bookkeeping, even if you have no previous experience.
Find Effective Software
There are lots of different finance computer programs and software out there these days, and they are all aimed at accountants and other individuals alike. Once you do start to take on your own accounts and bookkeeping, it’s important that you find an accounting software that you can easily use to stay on top of everything. This OptionsHouse review shows that it is also necessary to think about a separate software that can help you track all your various investments. It makes it ever so easy to check on all your money – you just need to go on your laptop and open the different software!
Go To A Workshop
Did you know that there are some free workshops out there that can help you get your head around the complicated tax system? They are very worth going to, especially if you don’t have any previous financial experience. There are ones aimed at those who run their own business and can help you learn about employee payroll and pension schemes. There are also workshops aimed at sole traders and can help them with their yearly taxes and all the filing that is required. After taking a workshop, you should have no problem getting on with your accounts and bookkeeping yourself.
Now that you are on your own without your accountant, you will need to make sure that you always budget well. Your accountant won’t be there to help you when you run into any more problems! One way you steer clear from bad finances is to budget well. And you should always budget for your taxes. Ideally, put away 25% of everything that you earn into a savings account and do not touch it until you need to pay your taxes. That way, you will always be able to afford your tax bill.
Claim All Business Expenses
One thing that most people forget when they start to do all their own accounts is that they need to save all their receipts and bills of any expenses. Otherwise, there is no way you will be able to claim for them all, and that will increase your tax bill. So, be sure to remember about business expenses so that you always save receipts. That way, you can work out your total expenses and how much you should reduce your final tax bill by.
Good luck being your own accountant!