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Taking the stress out of filing your company accounts


24th Apr 2022 Down to Business

Taking the stress out of filing your company accounts
Each year you might promise yourself that you won't leave doing your company accounts until the last minute again, but then each year, you find yourself frantically going back through your records and trying to meet the filing deadline to avoid late penalty fees.
No one enjoys this experience and for most small business owners, doing your accounts is the least favorite job you have to do. However, this doesn’t mean you need to get yourself worked up and stressed out each time you file your company accounts, and here are a few tips on how to avoid this in the future.

Mark the deadline in your calendar

Don't wait for letters to be sent out from the tax office to remind you when your accounts are due. Instead, mark this on your business calendar, and then at least three months before the deadline, set aside a day to file your company accounts early. It's far better to do this in advance and have that job ticked off your list than to forget about it and find yourself racing against the clock. Set reminders on your smartphone, too, if this will help you remember.

Always make time for accounts each week

Another way to help you reduce the stress of filing your company accounts is to make sure that you have kept your records up to date. Rather than spending hours going back over your transactions and trying to find the receipts to match, updating your accounts each week can help you to make sure everything is in order and ultimately save you a lot of time when it comes to filing your accounts each year.

Hire an accountant to help you

You might not have the budget to hire an accountant, but if you do, this is worthwhile if you don't have a lot of spare time, or simply do not feel confident in your abilities to file your accounts correctly. An accountant will understand the system so that you have peace of mind that your accounts are all in order and the filing deadline is met. This will also free up more time for you to focus on other important duties when it comes to business management.

Invest in great accounting software

Whether you’re going to hire an accountant or not, investing in great accounting software is something you must do as a business owner. This will make it much easier for you to monitor your company accounts and generate reports when you need to. You might also want to look at some additional features such as making tax digital (MTD) because this can help you out a lot when it comes to your end-of-year accounts.

If in doubt, call the tax office

If you’re not an accountant and don’t have a lot of previous experience in this, then it can be easy to find yourself struggling with accounting jargon or certain aspects of the filing process. If in doubt, and you don't have an accountant to explain this to you, call the tax office to try and get more information. It’s far better to get peace of mind that you have filed your accounts correctly, rather than guessing and risk getting fines for incorrect filings.
As a small business owner, filing your company accounts might be one of your least favorite tasks, but it doesn't have to be stressful every year; just use these tips.
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