This week, Neil explains how crucial it is to keep accurate regular accounts of your sales. In the second of this three part series of episodes detailing his method of accounting, Neil shares his tips on how to accurately record your daily sales into an easy referable format to streamline you and your accountants overview of your business and not fall foul of the taxman.
KEY TAKEAWAYS
Do not second guess the taxman! Don’t assume what they will and won’t want to see
especially when recording cash transactions. This will protect your peace of mind in the future.
Keep a simple record sheet of everything you’ve sold during each day by all transaction methods ; cash, cards or transfer. Use this to cross reference against your banks statements.
Keep your personal finances and business completely separate from each other. Bank cash promptly.
BEST MOMENTS
‘31st of January is your deadline. Get everything lined up, get it sorted. You won’t want to do it after Christmas’
‘If you’ve got clear records of how you’ve been impacted you can obtain grants.’
‘Like they said in Ghostbusters ; “Don’t cross the streams! It could be bad.”’
VALUABLE RESOURCES
The Tutor Podcast
www.Neilcowmeadow.com
ABOUT THE HOST
Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS!
CONTACT METHOD
info@neilcowmeadow.com
