Here’s why delaying your book-keeping is damaging your cash flow
Be honest, is keeping up with your book-keeping one of those “I’ll get around to it” jobs? Of course, your focus is, and should be, on building your business, looking after your clients and getting sales, but could your cash flow be suffering because your administration isn’t a priority?
Does this sound familiar?
You’re drowning with an overwhelmingly full shoebox/drawer/tray of receipts, invoices and bank statements, and you need to work out your income and expenditure to get your profit on which your tax will be paid. Months and months of receipts that need sorting by month and expense type, client invoices that need putting in order, delivery notes to match to jobs, all of which need logging, matching to your business bank account. Every penny in and out of your account must be accounted for and you have no idea what your tax bill will be because you’ve had everything boxed up to sort out “when you get around to it”. You despair after hours and hours of going through your paperwork, only to find you don’t have enough money to pay the tax owed and you have no time to save it up because you’ve left everything to the last minute. Your only options are to take a loan out to pay the tax or go with your begging bowl to HMRC to see if they will allow you to pay in instalments.
Your life with a Virtual Assistant
At the end of each week, you spend half an hour getting together the sales and expenses of the week, then send them to your Virtual Assistant. We will log them, check them off against your bank account and you can monitor your profit as it hopefully rises, allowing you to put aside part of your income for the tax likely to be due. When it comes to doing your tax return, you find that you have most, if not all the tax money available to pay over to HMRC. No hassle, no fuss, and you’ll have been able to take out money from your business account based on actual figures of what is available rather than finding you have drawn out far too much and you don’t have enough cash for the tax.
A virtual assistant service such as AVA Solutions will take care of your admin burden so you can spend your valuable time on those aspects of your business that make you money. We can help to keep you on the right side of the tax man and keep your cash flow healthy. Work smarter, not harder, by giving your admin the professional attention it deserves by signing up for one of our Business Bundles and you can use your virtual assistant for all the admin and book-keeping tasks that you don’t want to do yourself. Check out our bundles here…AVA Business Bundles