We Are Certified Xero Accountants
Keeping on top of your accounts is important, especially if you are a freelancer or a small business owner. It is not an easy task to accomplish all your daily work and keep your accounts in order. On the other hand, It is critical that you keep your records in order and up-to-date. You can achieve this by using a cloud-based online accounting platform like Xero.
Managing your Accounts
Managing your accounts and keeping them up to date is crucial. If the accounts are maintained properly, Xero's functionalities may assist you create reports that will assist you in taking better decisions for your business. Doing your accounts every week will prevent them from piling up and keep them current. You should schedule a time and date should to finish your accounts and the documents should be entered into Xero's software.
Run your business on real time
You can use the mobile app to reconcile accounts, generate invoices, create expense claims and see reports – from anywhere.
Documents to keep in check to maintain the accounts
Maintaining an organised accounts system requires these documents. Your accountant will be able to finish your year-end accounts quickly and easily if you have all of these items.
- Client invoices
- Business expenses
- Personal expenses
- Bank transactions and transfers
- Payments from clients
- Expenses paid to suppliers
- Money owed to you
- Total hours worked per project
- Cost per hour per project
- Client details
- Materials used for each project
Get paid quickly
Xero cloud accounting allows you to generate online invoices for your customers – and get notified when they’re opened.
Small business owners freelancers and Contractors Expenses Self employed people and small business owners should maintain the record of their expenses. Their expenses may include these
- Rent
- Telephone bills
- Travel expenses
- Power bills
- Computer hardware i.e. printers, PC’s or laptops
- Some maintenance bills
Collect payments efficiently by Xero
An up-to-date system will allow you to collect payments in an efficient manner, ensuring that late-payers are invoiced on time.
- Invoices may include your per hour rates, hours spent on project and materials used for a certain project.
- Its better to aalways send invoices via email because it gives you written proof of date and time sent
- You ca Identify late payers by using report called ageing summary report
- Xero will automatically indicate which invoices are unpaid and outstanding
- Reminders are a great way to notify your clients when an invoice is due
- Send automated emails to notify clients via Xero
Reconcile quickly
Xero can import and categorize your bank transactions saving you a lot of precious time. Click OK to reconcile.
Understand your current cash position
Know your financial position with daily updates from your bank about account and credit cards.
Planning your tax in advance
You should plan ahead in advance to ensure that you pay any Self-assessment tax that you owe to HMRC. Using a separate savings bank account will help you to pay the tax when it is due.
Xero
Furthermore, if you are using Xero it has a built-in function which will estimate your Self-assessment tax. Self-assessment tax account estimate function will help you determine how much of your monthly income you should set aside in your savings account. You should keep a record of money put into your savings account for this purpose in your accounts system.
Doing your accounts every week will prevent them from piling up and keep them current.
You should schedule a time and date should to finish your accounts and the documents should be entered into Xero's software.
Certified Xero Accountants
FISCAL KNIGHTS are Certified Xero Accountants, get in touch today for a Free Consultation
Protect your data
Xero protects your data with industry-standard data encryption and secure data centres, in addition to backing it up. You can also add an extra layer of security by using two-step authentication for your Xero account.
Corporation Tax
Nothing is more critical for limited companies than the timely filing of corporation tax returns.
Tax Returns
We can assist individuals, self-employed people, and subcontractors in keeping their finances in order.
Company Secretarial
Company secretarial services are an essential part of any company's operations and governance.
Tax Advisors
It is crucial to meet your tax compliance requirements. Our tax advisory service removes the stress of dealing
VAT
VAT is a tax on transactions that can significantly impact your business's day-to-day operations.
Capital Gains Tax
Capital Gain Tax (CGT) is a tax charged on the gain you make from selling something you own.
Payroll
We can take the burden off your shoulders by offering a confidential and comprehensive payroll service.
Book Keeping
you can outsource your bookkeeping and accounting to us. Fiscal Knights is a group of certified, professional accountants.
Business Consultancy
It can be one of the most thrilling experiences in your work life. However, it can also be one of the most difficult.
Accounts Preparation
Most businesses, particularly start-ups and SMEs, hire an accountant to handle their tax affairs.
Do you want to know more?
For more information, get in touch with one of our experts in-house to learn how we can assist you.