How to streamline your small business accounting in 2020

counting money

How to streamline your small business accounting in 2020

2020 has well and truly arrived, making now the perfect time to streamline your small business accounting to ensure this year is your most profitable yet.

Make 2020 the year you beat your competitors and exceed your yearly targets by following these tips…

1. Optimise your cash flow

In terms of cash flow, you can never plan too far ahead. Look at your quarterly expenses and then break them down further by monthly and weekly expenses. Find expenses that aren’t necessary or that could be replaced by a cheaper alternative, such as swapping your accountant for an online payroll service. It is also beneficial to identify your largest expenses (this is usually production, storage or delivery costs) and try and negotiate a better deal with your supplier, using quotes from other suppliers to support your negotiations.

2. Simplify your payroll

If you don’t have an accountant handling your payroll, you may be taking the task on yourself. While this may seem like a good way to cut down on expenses, the time you spend organising your payroll is taking time and energy away from other business tasks and could be seriously harming your business. Spending time finding or building relationships with clients is much more beneficial for your business, making outsourcing your payroll online a much more effective way to streamline your business in 2020.

3. Stay on top of your VAT returns

Many businesses are unaware that they have to submit VAT returns, even if they have no VAT to pay or claim. Regular tasks such as submitting VAT returns can be easily forgotten about by small businesses, which can have detrimental knock-on effects, such as being issued with a surcharge liability notice. To ensure your VAT returns are submitted not only on time but correctly, outsourcing your VAT returns can be extremely beneficial.

The next step

If you are interested in streamlining your cash flow, payroll and VAT returns, contact SQK Accounting today! We get to know your business on a personal level before offering advice and support, ensuring our services suit your specific business needs and goals. Contact us today for more information.

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