{"id":19577,"date":"2022-03-18T06:00:30","date_gmt":"2022-03-18T06:00:30","guid":{"rendered":"https:\/\/bigredcloud.com\/?p=19577"},"modified":"2022-04-20T09:26:54","modified_gmt":"2022-04-20T08:26:54","slug":"taking-the-pain-out-of-accounting-5-accounting-hacks-you-can-try","status":"publish","type":"post","link":"https:\/\/bigredcloud.com\/en\/taking-the-pain-out-of-accounting-5-accounting-hacks-you-can-try\/","title":{"rendered":"12 Accounting Hacks to Take the Pain Out of Accounting"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Not many people consider their business bookkeeping to be a fun task. It\u2019s rare to find an entrepreneur who\u2019s keen to leap out of bed every morning with managing their accounts as their motivation!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And yet, whatever kind of business you run, financial management is one of the most important daily tasks you can do. So getting your accounting right is an essential key element. The problem is that many small business owners find that keeping up to date with their accounting is a fight and often put it off.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The good news for those small business owners is that there are quite a few accounting hacks that you can use to keep your finances more organised and useful. All of the accounting hacks listed here fall easily into these categories:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Automation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Organisation<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Planning<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">From eliminating duplicate transactions and simplifying credit control to managing expense receipts and improving record-keeping, there are many relatively easy hacks you can take to get on top of your accounts.<\/span><\/p>\n<h2>Hack 1: Separate your accounts<\/h2>\n<p><span style=\"font-weight: 400;\">The first important accounting hack is simply to make sure you separate personal transactions from business transactions \u2014 mixing them in a single bank account will inevitably lead to a long list of queries from your accountant! If your personal transactions are mixed in with your business transactions, you&#8217;re just going to get confused about what\u2019s what.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Having a <\/span><a href=\"https:\/\/bigredcloud.com\/business-banking\/\"><span style=\"font-weight: 400;\">dedicated bank account<\/span><\/a><span style=\"font-weight: 400;\"> for your business makes it much easier to track all of your company\u2019s income, expenses, and transactions. With easier tracking, you immediately get improved visibility into your finances, meaning that you can then start using them to improve and grow your business. Remember that your financial management is an incredibly useful resource for business insights.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Having separate accounts also makes it easier to save time on your accounting tasks, so when it comes to accounting hacks, having separate bank accounts for you and your business is one of the single most important.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><b>Hack 2: Time equals money<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Leaving your annual accounts to the last minute can be costly. If you can get your information in order and to your accountant before the end of year rush, you are likely to be able to get a better price for the work.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cutting it fine puts everyone under pressure and by submitting information close to the deadline, you are also giving your accountant the absolute minimum amount of time to spot and resolve potential issues or errors.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><b>Hack 3: The devil in the detail<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Another common issue accountants face is businesses not providing supporting documentation for transactions because they think a bank statement is sufficient. This is often not the case since income may have costs deducted before payment of a net amount, which will only become apparent to the accountant when they look at the underlying documents.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You might assume that your accountant only needs information about payments made and receipts received during the period in question. In fact, they need details of all income and expenses due, regardless of whether these were paid or unpaid as of the <\/span><a href=\"https:\/\/bigredcloud.com\/preparing-your-business-for-new-financial-year\/\"><span style=\"font-weight: 400;\">year-end<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><b>Hack 4: Manage your assets<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Many small businesses fail to maintain a fixed asset register, making it difficult to trace assets acquired throughout the year. This means potential eligible capital allowance claims could be missed, resulting in the business paying more tax than it needs to.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Failure to keep records of transactions (such as petty cash receipts) can also be costly since, without records, input VAT that could have been claimed will be lost. Staying on top of financial information and processing it promptly rather than delaying the processing of invoices is another simple step you can take to make the accounting process run more smoothly.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Regularly updating and reviewing financial information will prevent issues from arising further down the line due to your accountant dealing with out of date and\/or incorrect information.<\/span><\/p>\n<h2><b>Hack 5: Categorise your expenses<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Even if you\u2019re new to business, the chances are that you&#8217;ve spent far too long trying to categorise your expenses when deadlines are approaching. Fortunately, good accounting software allows you to set up your expense categories ahead of time, and this alone is a massive time saver. When your categories are set up, all you have to do is record your expenses and assign each spend to the allocated category.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is a straightforward accounting hack that can\u2019t be beaten. Simply categorise your expenses into the relevant section, with categories such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insurance<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/bigredcloud.com\/benefits-of-good-marketing\/\"><span style=\"font-weight: 400;\">Marketing<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Business fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Rent<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Wages<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Utilities<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Travel<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Entertainment<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Office supplies<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This gives you one major advantage. You\u2019ll be able to easily spot which categories are being overspent on. If your spending on travel is getting out of control, you\u2019ll be able to see that early and take steps to reduce it. This is one of those accounting hacks that immediately provides you with business insights that you\u2019d otherwise miss if you aren\u2019t proactive about your financial management.<\/span><\/p>\n<h2><b>Hack 6: Store your receipts immediately<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Expenses can be tricky to keep track of if you&#8217;re busy running your business. Sure, you have a clear idea of your income, but monitoring your expenses often feels like a responsibility that you can keep putting off. Unfortunately, that approach leads to you hunting down receipts when you realise that you need them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The other problem with a more haphazard approach to your receipts is that paper receipts will deteriorate over time. Paper receipts left in your wallet, car, or a box under your desk may even become completely illegible if they\u2019ve been there a while. That\u2019s going to leave you panicking when it comes to tax time!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s why it\u2019s crucial that you keep your expense receipts updated as they come in. Make sure that all of your receipts are easy to read, with clear sections for the total amount, a description of the expense, and to whom the payment was made. If you add that information to your accounting software, there\u2019s no risk of misplacing it or finding out that it\u2019s been ruined by time or weather.<\/span><\/p>\n<h2><b>Hack 7: Have measurable and clear accounting goals<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">There are two elements to this great accounting hack. The first is to set daily goals for your accounting to ensure those tasks are completed within a reasonable time. If you skip this hack and get to work on your accounts whenever you can be bothered, then those tasks will quickly accumulate, and that simply means that you&#8217;re going to have to spend more time on your bookkeeping.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The second element of this hack is to have clear long term goals for your accounting. Some examples of common accounting goals include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identify relevant deadlines.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reduce the number of debtor days with clearer <\/span><a href=\"https:\/\/bigredcloud.com\/what-are-debtors-statements-and-why-are-they-important\/\"><span style=\"font-weight: 400;\">debtor statements<\/span><\/a><span style=\"font-weight: 400;\"> and follow-through.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Establish realistic invoice payment times.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Identify the KPIs for your accounting and use your financial management to meet those indicators.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Setting accounting goals that are both achievable and realistic can mean some initial work. But the clearer you are about how your business approaches your finances, the easier you\u2019ll find your bookkeeping to be.<\/span><\/p>\n<h2><b>Hack 8: Connect bank accounts and credit cards<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">One of the secrets of easier accounting is to automate as much of your bookkeeping as possible. Connecting your bank accounts and your credit cards to your accounting software means that you can automatically have any payments (in or out) added to your accounts without lifting a finger.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of course, this goes back to the first accounting hack on this list: have a separate business bank account. Make sure that you never use your personal bank account or credit cards to make or accept payments related to your business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can also connect any payment gateways that you use for your business. So if you use PayPal, Stripe, or even Shopify as part of your business, connect those gateways to your accounting software.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><b>Hack 9: Manage your cash flow<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Cash flow is such an essential part of business management that ignoring it can ultimately lead to business failure. It\u2019s such an important factor that we\u2019ve written a<\/span><a href=\"https:\/\/bigredcloud.com\/guides\/cash-flow-guide\/\"><span style=\"font-weight: 400;\"> free downloadable guide to cash flow<\/span><\/a><span style=\"font-weight: 400;\">! Issues with cash flow are considered the reason why as many as <\/span><a href=\"https:\/\/www.simplybusiness.co.uk\/knowledge\/articles\/2015\/08\/business-fail\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">80% of businesses fail<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can adopt many cash flow hacks to ensure that you&#8217;re always up to date with your incomings and outgoings. Adopt the following strategies if you want your business to be safer from cash flow management difficulties:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Send out all invoices quickly to <\/span><a href=\"https:\/\/bigredcloud.com\/invoice-finance\/\"><span style=\"font-weight: 400;\">minimise late payments<\/span><\/a><span style=\"font-weight: 400;\"> (you can even automate this process).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Provide customers with more payment options.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Keep your financial records up to date at all times.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make sure that all payments you make are effectively scheduled.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Cut your business costs.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0A lot of cash flow problems are the result of timing. If you have a supplier that\u2019s a bit slow with their invoices, it can hinder your business. Especially if they then do quarterly catch up and end up sending out more than one invoice at a time. Take extra care over your cash flow, adopt a <\/span><a href=\"https:\/\/bigredcloud.com\/how-to-prepare-a-cash-flow-forecast\/\"><span style=\"font-weight: 400;\">cash flow forecasting<\/span><\/a><span style=\"font-weight: 400;\"> strategy, and your finances will be under much tighter control.<\/span><\/p>\n<h2><b>Hack 10: Weekly reconciliation<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">A great habit to get into is reconciling your accounts at least once a week. This is one of the keys to successful bookkeeping for a small business. By doing weekly reconciliation, you\u2019ll find that it\u2019s much simpler to spot mistakes. Trying to do your reconciliation months later means that those mistakes will be harder to spot, and unravelling those errors can get very complicated.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Weekly reconciliation also gives you a great opportunity to see any late invoices, so you can chase up those payments. Just set aside around an hour a week to update and check that all of your records are correct and aligned. This makes it much easier to ensure that your <\/span><a href=\"https:\/\/bigredcloud.com\/what-is-a-nominal-ledger\/\"><span style=\"font-weight: 400;\">nominal ledger<\/span><\/a><span style=\"font-weight: 400;\"> is always consistent, complete, and accurate.<\/span><\/p>\n<h2><b>Hack 11: Use cloud accounting software<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">You\u2019ll find two options when you&#8217;re looking for accounting software. The first is the traditional desktop kind of software, where you download the software onto your computer. Cloud-based options are accessible via your internet browser.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The reason why cloud-based accounting software is so much more advantageous is that it\u2019s capable of doing so much more. Most cloud-based software provides features that desktop types simply aren\u2019t capable of. Most small businesses don\u2019t have the budget needed to buy dedicated in-house servers and the rest of the infrastructure that\u2019s needed for IT. With cloud computing, you don\u2019t need that infrastructure.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">From <\/span><a href=\"https:\/\/bigredcloud.com\/protecting-your-data\/\"><span style=\"font-weight: 400;\">cybersecurity<\/span><\/a><span style=\"font-weight: 400;\"> to maintenance to upgrades, cloud accounting software does it all. And it can still be accessed as and when you need it. You also get a level of support that traditional accounting providers can\u2019t match.<\/span><\/p>\n<h2><b>Hack 12: Know your tax obligations<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">No business owner likes to think about taxes, and not only because it means making payments to the government. Taxes can get very confusing! Unfortunately, HMRC isn\u2019t going to accept your excuses of confusion when it comes to the end of the tax year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It can be extremely difficult to work out what taxes you need to pay to the government. Some taxes won\u2019t apply to you, while others are vital. And mistakes can be costly, even resulting in your business failing. So you need to have a very <\/span><a href=\"https:\/\/www.gov.uk\/browse\/business\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">clear understanding of your tax obligations<\/span><\/a><span style=\"font-weight: 400;\">. You will likely have to pay some or all of the following:<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Income tax<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">There are different payment systems in place, depending on whether you\u2019re a sole trader or a limited company. Make sure that you know which you need to use, as this will affect how much you need to pay and what your personal allowance is.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">National Insurance<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This isn\u2019t technically a tax, but it\u2019s often referred to as one. NI payments can get very complicated, especially if you&#8217;re a sole trader. There are different classes of national insurance, and factors like the Small Business Threshold will play a part in determining how much your NI contributions will be.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">\u00a0<\/span><span style=\"font-weight: 400;\">Corporation tax<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">You don\u2019t have to pay this tax if you&#8217;re a sole trader. For limited companies, you\u2019ll have to pay corporation tax on your business&#8217;s profits. There\u2019s a deadline date too, so knowing if and how much corporation tax you have to pay is vital.<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">VAT<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If your business makes more than a set amount each year, you will need to register your business for VAT. That will be true whether you&#8217;re a sole trader, an LLP, or a limited company.\u00a0<\/span><\/p>\n<h3><span style=\"font-weight: 400;\">Business rates<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This is similar to council tax, but it\u2019s aimed at businesses. So if you run your business from an office or have any kind of business premises, then it\u2019s likely that you will have to make business rates payments. There are exceptions, and there is <\/span><a href=\"https:\/\/www.gov.uk\/apply-for-business-rate-relief\/small-business-rate-relief\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">business rate relief<\/span><\/a><span style=\"font-weight: 400;\"> available.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When it comes to your taxes, always make sure that you know what you have to pay, when you have to pay, and whether or not there are any options for reducing those obligations. You should also be aware that there will be different factors to consider if you\u2019re using invoice basis accounting (as opposed to cash basis). Invoice basis VAT is a challenging subject to understand, so it\u2019s essential that you learn about <\/span><a href=\"https:\/\/bigredcloud.com\/whats-the-difference-between-invoice-and-cash-basis-of-accounting\/\"><span style=\"font-weight: 400;\">the difference between cash receipts and invoice basis accounting<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<h2><b>Focus on the process<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Accounting might not be your favourite part of running your business, but it doesn&#8217;t have to be a pain. With the right approach and a little dedicated time, you can save yourself a lot of time (and headaches) by simply having a strategy and automating as much of your accounting processes as possible.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, the single best accounting hack is what you&#8217;re doing right now. Learning more about your accounting options, reading about accounting hacks, and staying up to date with any changes to your taxes ensures that you\u2019ll be making your bookkeeping easier and more stress-free.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you use an accountant, ask them how they would ideally like to receive your financial information and when \u2014 this makes their task of checking and submitting your accounts more efficient and, therefore, cheaper for you.<\/span><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Using a cloud-based accounting solution such as <\/span><a href=\"https:\/\/bigredcloud.com\/\"><span style=\"font-weight: 400;\">Big Red Cloud<\/span><\/a><span style=\"font-weight: 400;\"> will make the account submission process much less stressful. You should strongly consider establishing a system like Big Red Cloud as it works for both you and your accountant.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Get in touch with the <\/span><a href=\"https:\/\/bigredcloud.com\/contact\/\"><span style=\"font-weight: 400;\">team at Big Red Cloud today<\/span><\/a><span style=\"font-weight: 400;\"> to find out more about better management of your small business finances. You can even sign up for a free trial and find out for yourself just how easy we can make your accounting.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Not many people consider their business bookkeeping to be a fun task. It\u2019s rare to find an entrepreneur who\u2019s keen&#8230;<\/p>\n","protected":false},"author":6,"featured_media":23760,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[69,66],"tags":[],"class_list":{"0":"post-19577","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-accounting","8":"category-advice"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Accounting Hacks | Small Business | Big Red Cloud<\/title>\n<meta name=\"description\" content=\"Make managing your business finances easier with these 12 accounting hacks. 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