5 Ways To Become A Better Bookkeeper In 2017

Google reviews
January 20, 2017

Some principles of your business will never change: the monitoring of incomings and outgoings; tax submissions; collating your transactional evidence through the year. However, the means of doing so are being digitised and simplified, evolving with the pace of our online world.

Hence, for 2017, imagine upping your bookkeeping nous, perfecting it with a couple of small adjustments to controlling and logging your cash flow. Bright Ideas can get you started on the path to success with the following suggestions:

1. Don’t be lax with your invoices

Running in circles around a difficult client – one who keeps forgetting to pay, or loses track of your invoices when they’re delivered – is going to harm your sustainability. Everyone has bills to pay, and your cash flow has to be exact, planned to a T so you don’t land in the red.

Try to be stricter with your invoice collection, no matter the size of the project you’ve accomplished. Consider charging interest or late payment fees for missed deadlines, setting the standard for your working relationship.

2. Reassess your expenses

HMRC is very diligent about checking that your expenses are categorised properly. Now might be the time to list all of your regular outgoings, and identifying what is eligible for tax relief. Remember, some justifications rely on the nature of your work: for example, uniforms and safety wear are allowed, but that fancy business suit won’t be.

3. Sync your bank feed with accounts software

Monitoring your incomings and outgoings is all the easier with a real-time display of your bank feed in your bookkeeping software. Reconciling your accounts will help to root out any unrecorded purchases or unpaid invoices, so you can easily flag and resolve discrepancies.

4. Log receipts electronically

Keeping track of expenses can be arduous if you’re trying to match bank statements with flimsy receipts. Therefore, you’ll do well to upload them on a digital system – removing the pain of emptying folders and drawers for evidence.

Cloud-based solutions are the way to go, seeing as there’s virtually no chance that data will be destroyed or tampered with. FreeAgent lets you photograph a document on your smartphone, which is then instantly uploaded to a digital library.

5. Get a bookkeeping health check

Like a car that’s been on the road for some years, an MOT (so to speak) is vital for assessing where your accounts and bookkeeping fall short; even the tiniest mistakes in your approach can make a difference.

These can snowball over time, causing fruitless headaches when they spill over into a real issue. Consider hiring an accountancy service, like us, that can give your records a look-over every six months, or every month if you prefer.

For 2017, free your mind and schedule with these bookkeeping tips. Take Bright Ideas along for the ride if you want – we have multiple packages to suit your venture, tailored for freelancers and contractors. Call us on 0161 669 4221 or email info@biaccountancy.com for more information.

5 Ways To Become A Better Bookkeeper in 2017


Recent Articles

650,000 extra pensioners pay tax for the first time this month

650,000 extra pensioners pay tax for the first time this month

Around 650,000 pensioners are facing the prospect of paying tax on their pensions for the first time from this month thanks to a big boost to the State Pension from April 6, and frozen tax bands that will drag them into the tax net, according to calculations from...

The end of the P11D is expected in 2026

The end of the P11D is expected in 2026

The P11D form which has been used to process ‘benefits-in-kind’ such as loans for season tickets and company cars will no longer be used after April 2026, as HMRC will ask businesses to deal with all these benefits through the payroll instead. HMRC announced earlier...

Cryptocurrency gains must be reported on self-assessments

Cryptocurrency gains must be reported on self-assessments

If you hold or invest in cryptocurrency, or even if your employer pays you in a cryptocurrency such as Bitcoin, you may need to declare this on your self-assessment form. For anyone who didn’t in the 2022/23 form which should have been filed before January 31, it...

Ready to join us?

Whether you’re a contractor, freelancer, or small business, Bright Ideas can help remove the burden of time-consuming and complex finances. We’ll draw on our years of knowledge and experience earned helping sole traders just like you.

When you choose us, you’ll be assigned a dedicated Account Manager who’ll provide one-on-one support that’s customised to your business. Communication is key, so we’ll always answer your questions or requests as soon as we can. In fact, we offer a same-day response guarantee for emails and calls received before 3pm.

Contact us to get started

Give us a call us or send an email today!

Looking to switch accountants?
We make the transition simple.

Does your current accountant give 1-to-1 support? Are they fast and thorough?
Slap-dash services hold businesses back, so try our experts instead.

Move to an accountancy service that goes the extra mile…

Start the conversation

Let’s make your finances Brighter

Call us Monday to Friday 9am - 5pm

0161 669 4221

Request a call back