It might not be very exciting to talk about, we get that, but keeping complete and accurate business records is absolutely essential for all businesses. As much as the thought of it is daunting, your accounts need to be drawn up accurately, tax returns filed correctly so you pay the correct amount of tax. But equally, it’s little acknowledged just how important this can be from an office wellness aspect.
If you don’t have sufficient proof on record that expenditure can be clearly defined as business expenditure – you cannot claim it against tax. This applies for any type of business be it that you are running a business as a sole-trader or operating a limited company. But similarly, not recording sufficiently means you don’t know where you finances stand as a business which can increase stress levels and disorganisation.
With a clear set of accounts, you will also have a clear head and a path in front of you. Without this organisation is usually where problems arise in more ways than one. One of these issues we see a lot is the impact of stress on the individual and of course the company. That’s where Mindfulness comes in. There is an extreme importance in being able to do and drop a task. This method can really assist with wellness and reducing stress – bringing a feeling of accomplishment. Just like when you tick a task off on a to-do list, you can put the same into practice with a structure when it comes to the accounting side of your business.
All business owners need to keep on file records of their income and expenditure. Like a Sole Trader or Partnership, a Limited Company must keep a full record of income and expenditure, with the addition of records of taxes and statutory returns.
Using digital formats such as Trello and Xero will assist in keeping your accounting structured and will also help with keeping your desk clear and with it your mind, so it is worth looking at. Xero bookkeeping can really assist with the day to day bookkeeping and filing of your business records – which can also free up your time and help reduce worry and stress.