How Keeping a Firm Handle On Your Expenses Can Be Prudent For Growth

Starting up a business can be hard work and time consuming, but once it is up and running it can be extremely rewarding, however the hard work doesn't stop there. Juggling paperwork, deadlines and your business finances can prove difficult, but it is important to get control over these things before they control you, so that you can concentrate on optimising your business growth.

Organisation and awareness of your liabilities as a small business are the key.

Having a good knowledge of what records you are required to keep according to your business size is imperative and will help you be more organised when it comes to filing that end of year tax return and managing your expenses.

Knowing your tax code and ensuring that your are familiar with the deadlines for your tax returns will help minimise any issues when it comes to filing your annual tax return. It will also help ensure that you know what you can claim back in plenty of time to ensure you don't miss out on vital cash.

Keeping accurate and detailed records when it comes to company expenses will not only help you to analyse departmental budgets but it could also reduce your tax bill if you are declaring the right tax deductibles, saving you money that could be crucial for the growth and expansion of your small business. If you fail to keep satisfactory records you could end up with a penalty fine from HMRC, so start as you mean to go on and be organised and detailed with your record keeping.

There are many digital solutions available out there now to small business to aid with record keeping and filing, and for a small initial outlay from your business finances, it could end up saving you much more money and time in the long run, allowing you to focus on your company's growth and potential.

Separating your business transactions from your personal ones is a wise choice, as when it comes to filing your end of year tax return it can complicate matters and become time consuming trying to separate and highlight each transaction. Operating a business current account enables you to keep a clear separation between what are work related expenses and what are not. The same principle applies when you want business finance and apply for external funding; choosing a small business loan over a personal loan helps to keep a divide between your business and your personal liabilities and helps you to track your company's finances without any complicated transactions or calculations.

These tips can help your business to manage its expenses more efficiently and potentially save you money to enable growth, however from time to time you will find that despite the above money saving exercises you will need a little extra help a business loam could help you get te money your vusiness needs saving you time for more important matters, its a simple process and you could have the cash in your account today

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This article was published on 25 Jul 2014 and has been viewed 570 times
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