Keeping Your Accounts In Order

Have you considered that you are Keeping Your Accounts In Order? Read on to check and see some ideas about it!

When we are self-employed, every year we have a headache of having to go through our invoices, ensure we are providing the correct numbers and making sure we have taken into consideration our costs for our businesses.

I know I have had many self-employment hair raising moments!

Tax is something that is very important and making sure you keep everything collected together and that you are paying the right tax is important. You don’t want to be over or underpaying your taxes! So you should be keeping your accounts in order to make life easier.

Keeping Your Accounts In Order

If you are both employed and self-employed this could be even harder as you need to weigh up your tax differently.

When I was employed and self-employed, I had to keep all of my payslips together to ensure I had the costs right for tax and national insurance. Then I had to consider how much does it cost to prepare taxes and could I include this in my returns? It was easier for me to hire someone to do my taxes and make sure I get the right advice at the same time on what I can claim for on my tax return.

I found it more stressful as generally all my invoicing is saved on a spreadsheet and I needed a way to keep it all on a computer, so an idea was to use a pay stub generator to keep my finances in order.

As I start to earn more or I have more outgoings related to my business. I start to get more stressed. I knew I had to be keeping your accounts in order.

I have been online looking for an accountant that I can do it all internet-based, rather than having a bookkeeper as I hate keeping paper documents. Anything paper is scanned and added to my tax folder all neatly wrapped up in one place.

My worry is my taxes not being done on time, so one consideration was having an accountant to do the hard work, then I submit it all online myself before the closing date (Well in advance).

Even when I was strictly employed, I always cross-referenced my pay to ensure that I was not over or underpaying on my tax and national insurance.

There were occasions my work got it wrong and generally I was overpaying by a long stretch. After that, I started to ensure I had the right amounts and kept it all updated.

Is it just me or is doing taxes a complete headache? I really do want to pay someone to do them for me as right now, it feels so daunting the more invoices I accumulate along with expenses.

It’s time to get things into perspective and seek the help I need for a stress-free life.

*This is a collaboration post