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Money makes the world go round and tax is part of that mechanism. As a business man or woman it makes you a part of it too, like it or not.
So how do you make sure you pay the right tax amount? Too little gets you in hot water; too much is, yes, too much.
Get a good accountant. Much more than the number of crunchers, good accountants know how taxes work, what is allowed and what & # 39; s not. It is their area of expertise to explain everything to you in a language you understand, which frees up more time for you to do business. (You don't make your own books, do you? Anything for that? OK, it may cost less, but how much value do you put into your time? Factor that in and DIY accounting is starting to look expensive. Mistakes.)
Data, data, data. No matter how good your accountant is, he & # 39; Don't do a decent job if your journaling is careless. This is where the cost management software comes in and puts it in your hand in a way of proper record keeping that ensures that all your numbers are there and will stand for scrutiny. These days online cost management software is the way to go; available anywhere you have a WiFi signal, that means there can never be an excuse for not registering a charge. You & # 39; You'll be glad you came at the end of the year.
Don't be late. Even if your tax rules are correct to the penny, you will still pay fines if you are late with the payment. Honestly, there is no excuse. Take, for example, the British tax system. Personal tax is based on a budget year ending in early April, and yet the payment deadline is at the end of January the following year. How much time do you need? More and more people are filling out tax returns on Christmas Day. Some of them really have to dislike their families, wouldn't you say?
Talk to the accountant. Understand how you best collect the data you collect. Making the auditor's job easier will make your accounts sorted faster and quite cheaper. Failure to make this call can mean you are recording expenses incorrectly, which is a waste of your time and his.
Get everyone on board. Expense recording is a team game and not a solo sport. Any company employee who has the authority to spend money must also be responsible for recording them accurately, and it is your job as an entrepreneur to see that they do. This is another area where a good part of cost management software scores you, to record numbers, it will also define the cost policy. In addition to this, you expect it to work on a smartphone, so there can be no excuse for not having all the exact numbers at hand with your thumb.
More than just numbers. And if we're talking about policies, online cost management software delivers other benefits, such as eliminating fraud. Take mileage requirements as an example. With the help of a paper-based system, an employee can inflate the actual mileage for a journey of a few miles, which increases the cost and cost of your business as a result. A feature of good online cost management software is that it can use GPS to record trips, remove the temptation from the employee's path, making the transaction fair to all concerned.
Keep your money separate. Business and personal money should be like oil and water - they should not be mixed. Unfortunately, there are circumstances when oil and water are mixed, and it is a devil of a job to separate them. The same goes for personal and corporate money, so in any case, it's better that they don't mix at first. When it comes to money, cost management software gives you an advantage there, because it can be linked to a specific credit card - and company one - which means there will always be a clear distinction between what & # 39; s business and what & # 39; not.