Tips to Stay Organised When Filing Your Accounts

How to avoid the last-minute stress of filing accounts.

Do you find yourself constantly scrambling to get your accounts in order at the last minute? I know how you feel because I've helped rescue many clients from this scenario! However, it doesn't have to be like this. Here are my five tips to help you file your accounts quickly and efficiently so that next year's filing season is much easier!

Stay organised.

Staying on top of your accounts is not the most fun part of running your own business, but it's essential, as you don't want to incur fines for filing late. By staying organised and consistent with your accounts, you can save the stressful last weeks or months up to the deadline and breeze through this period. You could consider a bookkeeper to help with this.

Make sure you have set up a business bank account.

I'm sure you're already using a business bank account to keep your business and personal expenses separate. However, if you aren't already doing this, it's time to get your business account set up!

Remember to file expense receipts. 

A common problem that businesses run into is that they forget to file away their business expenses and transactions.

By forgetting to file or track these receipts, you risk your accountant not finding them and potentially losing tax benefits!

Stay consistent with filling your accounts! It is much easier to remember a transaction from this month than 11 months ago. By making a schedule of when you will file your expenses, you will stay organised and stress-free.

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Know your deadlines! 

When giving Companies House a snapshot of your company's financial health, you need to know when to file, or you may face fines.

The deadline for your financial accounts is dependant on when you incorporated the business. Your accounting reference date (ARD) is the last day of the month you incorporated, so if you set up on 9th January 2021, your ARD will be 31st January each year after that.

You will have to submit your accounts 9 months after the full year for your first year of trading. For example, you will have 9 months after 9th January 2022 to submit your accounts (9th September 2022 will be the last day you can file your accounts).

Filing after your first year is much easier, as every year after the deadline for your accounts is your ARD date (For example, 31st January of every year).

Knowing your deadline can be confusing, but knowing when you need to file by is vital! Companies House will issue automatic fines for filing your accounts late.

If you are unsure when to file, talk to us before it's too late.

Use software to help track your business transactions.

Gone are the days of having to file all of your receipts and invoices in large metal filing cabinets! Tools like Xero have made it much easier to keep track of your business expenses. 

By using Xero to track all of your transactions, you can ensure that everything is filed at the right time and in the correct order! It's much easier than having a system where receipts get lost or mixed up with other paperwork.

Xero also offers your accountant tools to help them when they are filing your taxes for you, so it's a win/win!

Find out more about our recommended accounting software here.

‍Avoid the last-minute stress! ‍

The end of the year is always hectic for small businesses owners, but staying organised can help you avoid unnecessary stress!

By following these simple steps, you will make your own life so much easier by staying on top of your accounts and making sure nothing surprises you or your accountants.  

If you need a hand in knowing exactly when your ARD is, or if you are unsure if Xero could help you to keep on top of your accounts consistently, then speak to us.