Bookkeeping is central to a growing business. While many small organizations do not have a strategy for accounting and bookkeeping, it usually hit them on the way that they needed it. Having such a strategy will eliminate likelihood of data losses and data manipulation, which comes with other problems. But most importantly, a good accounting strategy helps you to budget for your income, expenditure, staff and investments.
Below are some of the tips for your business. You can also contact chartered accountants in Kent or a bookkeeper in Kent to do all the work for you: 1. Keep track of legal changes: Legal changes usually dictate how much we should pay workers on the minimum and what taxes we ought to pay. Increase in minimum wage tells a firm that it is time to make adjustments in spending and set new goals. Most importantly, you cannot just exist to pay workers, so as the amount of wages increase; you must plan for how to grow business continually. 2. Keep track of paid sick leaves: The law also tells us how much of leave we should grant workers. A company with 1-14 employees needs to give 24 hours of paid sick leave (PST) each year per employee and with 15 or more workers, you should plan for 40 hours of PST per year. A payroll company, chartered accountants in Kent or a bookkeeper in Kent can help you keep track of this accumulation and PST, and related records. For instance, you might want workers to have access to these PST records. 3. Track and keep your receipts: Companies get audited down the road. You also might need to take tax deductions. These are the reasons you should track and keep your receipts this year. Well you can use various strategies: may be buy a receipt and have it emptied once in a month if the receipts are accumulating too fast, or use the various receipt-capturing apps out there. Once the bookkeeper in Kent takes a photo of the receipt, it can be kept in soft copy. This way, you will have something even when the hard copy spoils. 4. Deal with health insurance: Employees are required to fill health forms, submit them within deadlines and update the necessary authorities. Late deliveries may attract some penalties, which add costs into your operations. You can trust chartered accountants in Kent or a bookkeeper in Kent to track these issues such as the forms that must be filled, dates of submission and methods of filing: for instance electronic or manual. He or she may also consider keeping a soft copy for the records. Small companies are challenged in terms of the cost of offering healthcare coverage. However, a bookkeeper in Kent or chartered accountants in Kent can help track the best healthcare options available for your small business. In fact, companies with less than 50 full-time employees need not offer any healthcare coverage. A specialized accountant and bookkeeper can advise on ways you can avoid paying large amounts of healthcare expenses such as hiring freelancers and contract labor. 5. Purchasing new equipment: Did you know that you can avoid large tax bills this year simply by buying equipment? Yes. If you are buying equipment for less than $500, 000, you will get the lump sum deducted in the year it was put to service. This is instead of the small deductions in the name of depreciations that were done over a period of five years. You can take this advantage to purchase a new computer system, cash register, tractor, machinery and other pieces of equipment you have been postponing to buy.
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