It’s Tuesday!
Let’s talk Tax.
Read this week’s short Tax snippet for doctors & dentists, to help you save money and get more organised with your tax affairs. It’s just to give you a flavour – in fact, you can read it whilst you drink your morning coffee!
Use your resources to save time and tax
Long gone are the days when you can get away with recording your business income and expenses into the “big red book”!
Well, technically it is still within regulations to keep manual records, however realistically any successful business owner wouldn’t want to.
The manual method is difficult to maintain, open to errors, wastes hours and hours or time, and, means your financial information is rarely up-to-date.
Historically, on a daily, weekly or even monthly basis, business owners knew very little about their income, profit and their anticipated tax bill for the following year. Meaning that the only time in the year that business owners had a grasp on their business performance, and their tax position, was following the preparation of the financial accounts, many months later.
Use one of many online accounting software systems available and this all changes.
Online Accounting Software
- Links to your business bank account to draw information, saving hours of manual entry
- Remembers the nature of a transaction and automatically knows which category to allocate your expenses
- Easy tick-down reconciliation at the month end, to check everything has been accounted for
- Profit & Loss reports at the touch of a button
- Tax estimates can be provided by your accountant with ease, meaning you are always one step ahead of the game when it comes to your tax affairs
If you don’t already use online accounting software, put this at the top of your to-do list for 2017, so you can make use of the resources available and save time and tax in the process.