By Chris G Jones · · 3 min read
The monthly routine
Reconcile, review, and set aside tax. Ninety minutes a month prevents almost every finance surprise a small business hits.
If you will not do it, outsource it. Unreconciled accounting software is worse than none because it gives false confidence.
What good looks like
This is the standard I hold my companies to.
- Bank reconciled within ten days of month end
- Tax and VAT set aside in a separate account
- Debtors chased on a schedule, not on a whim
- Management figures reviewed monthly
- An annual review of available reliefs
Then look at reliefs
Once the numbers are clean, the annual question is whether you are claiming everything you are entitled to. That is a specialist review, and Reclaim Tax UK is where I send it.