In our last post, we gave you business tips to make the most of summer for your business, and today, we will advise you on the accounting side of things. You may be going on a family holiday, or business may be slow during the summer months, but it’s no reason to forget about your accounting! Today, we will share with you our small business accounting tips for the summer.
If you’re in the retail or service industry, you may need extra help during the summer, and so you may have considered hiring seasonal staff. One option you have is to work with a temp work agency, or bring in freelance contractors. Whatever you decide, you should make sure you inform your accountant ahead of time, so that they can prepare the right documents. A contractor will be paid differently than an employee, as their tax and NHS contributions will be deducted differently, and so it’s best to clearly inform your accountant of the status of each person you employ during the summer.
2. Catch up on your bookkeeping
Many small businesses get in the bad habit of leaving their bookkeeping accumulate until they have too much work to catch up on, and this is especially true during the busier times of the year such as the summer sales or the period leading up to Christmas. If the field you are in means that your business is slowing down during the summer, take the opportunity to finish paperwork, file data entry, and talk to your accountant to ensure that everything is in order.
3. Track Expenses
Uncommon expenses can occur during the summer, such as company barbecue, ice cream socials etc, and other perks that you may offer to your employees. It’s a good idea to file all these receipts as soon as the expenses incur, so that you have a correct overview of the expenses you can deduct from your taxes.
4. Hire Professional Accountants
Despite our small business accounting tips, you may still struggle to keep track of your accounting, especially if your business is thriving and expanding. Our accountants at the Kelvin Partnership can help take care of your accounting for you, so that you can focus on growing your business. If you would like to know more about our services, get in touch today.