| > | | | | of jobs, you will wish to find out why. |
| Discover the different options for tax accounting | | | | Near-future forecasts will be easy to make, allowing |
| software that are available to you. | | | | for better planning. Are you likely to be able to cover |
| You can’t afford to let your numbers slip in the | | | | costs? Do not wait to find out the hard way. Likewise, |
| accounting game. Your business could flounder | | | | budgeting will be better in hand. You can assess your |
| because of unpaid bills, as could your credit rating. The | | | | targets in terms of whether they are realistic and if |
| tax authorities need to clearly see the difference | | | | you are meeting them or not. It is clear that you could |
| between income and expenditure. And so do you. | | | | benefit from a good software package — but |
| Small businesses may even try to keep the books by | | | | which one? |
| hand. This may seem like a cheap option, until the | | | | Your decision will be largely guided by the size of your |
| factor of human error is taken into account. A better | | | | business. For small traders, a personal finance |
| option would be a spreadsheet, using special features | | | | management program such as Intuit's Quicken or |
| of readily-available software such as Excel and the | | | | Microsoft Money may be enough for you. They are |
| advice of a good accountant. | | | | aimed at household use, but the latest versions come |
| Better still, you could avoid having to design a | | | | with so many accessories and handlebars that it |
| spreadsheet yourself and use purpose-built accounting | | | | would be enough for someone without too many |
| package. Then you just have to keep up-to-date with | | | | customers or invoices to keep track of. |
| the data entry: bills and bank movements, payroll and | | | | For bigger business with rapid expansion plans, which |
| stock control. All entries are automatically assigned to | | | | use more than one currency and several bank |
| the correct place and messages will be generated | | | | accounts, Microsoft’s Money may be the |
| inviting you to print invoices, follow up payments or | | | | answer. The approach here is more rigorous (and |
| reorder stock . Compiling those decisive, | | | | more jargon-packed) and you will have many more |
| decision-making reports will become child’s play. | | | | options for compiling reports. |
| Financial reporting can highlight key issues which can | | | | Intuit's QuickBooks Pro is a best-seller, perhaps |
| make or break your business. For example, if you find | | | | because of its simple start-up. Your use of it grows as |
| you are over reliant on a particular customer or | | | | you learn to handle it better. In the end, up to 125 |
| supplier, you may like to look for an alternative. You | | | | different reports can be elaborated. |
| can take a firmer line on habitually late payers and | | | | Spreadsheets are not a legal requirement when it |
| perhaps offer discount packages to entice punctuality. | | | | comes to tax declarations, but you will appreciate the |
| Economies could be made by suggesting discounts to | | | | chance to put your viewpoint clearly to the taxman |
| your biggest suppliers. What’s more, you may | | | | — who is more likely to take your word for |
| be interested to make comparisons with the same | | | | things if they are professionally presented. Not to |
| periods from the previous year to see whether you | | | | mention your bank manager. |
| are up or down and try to pinpoint any changes. If | | | | So take a tip from the professionals — and |
| there are any variations in profitability for similar types | | | | enjoy your next fiscal and accounting year! |