When running a business it is important to ensure all your records are up to date and accurate. This not only allows you to ensure you meet your legal obligations it also helps your cashflow.
Here is our handy guide to assist you.
- Raise your customer invoice and send to them within a reasonable time. If you are late in sending the invoice why should they pay you quickly.
- Set payment terms and chase when overdue. You are not a bank offering loans.
- Make sure your clients know the amount of interest that will be added for over due payments. You are legally allowed to apply interest to outstanding debts.
- Treat your suppliers how you want to be treated, If they offer 30 days terms ensure you pay within the 30 days.
- Ensure all payments to HMRC for taxes and PAYE is processed and paid on time.
- Keep all business paperwork safely stored for a minimum period of 6 tax years.
If you need further assistance call Emjay Associates on 01903 367073, we offer full book keeping services to allow you to concentrate on running your business and not running the paperwork