Best ways to manage your business expenses

With the 31st January tax deadline having just passed, some business owners and sole traders are looking for ways to help ensure that the next year’s accounts are filed in a much easier and less stressful way. In most cases it is the expenses that are accrued within a business or for a sole trader that take the time to account for. There are a number of ways that you can achieve this.

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Professional support – A good Bookkeepers Hereford way can help you to put systems in place to account for your expenses on a regular basis. They can also take this task over for you so that you can provide them with all the receipts and bills that you have paid and you can leave the rest up to them.

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Receipts – as we have mentioned above, it is important that you keep receipts for any items that you purchase for your business or in the daily undertaking of your job. These can be printed receipts or electronic ones. If you hate carrying paper around with you, you can scan these into your computer or take a photo using your phone.

Software – one of the best ways to manage your business finances is to use accounting software. There are lots of options available that also provide you with a mobile app that you can then use to take pictures of any receipts of bills you have to pay. Xero and Quickbooks are just two examples of cloud accounting software.