Over the past year, I have written a few blogs on a variety of subjects (such as: mortgage pitfalls; why your cash levels aren’t the same as profit levels; why HMRC don’t want you to have fun as well as others). No matter what the subject is, there is always one thought that keeps coming back to me:

Talking to your accountant, and completing your bookkeeping, is no longer just a once a year job.

If you are a dentist that doesn’t want to stand still on a travelator that slowly moves you backwards, then it has never been more important to keep your financial figures up to date.

Whether you suddenly need up to date figures for a finance application or cannot afford an unexpected tax bill – having your bookkeeping completed monthly or quarterly will save you a lot of hassle in the long term:

• You will always have figures on hand if you need to provide any estimates to third parties.
• You can monitor profit levels and cash flow to ensure that you meet any important payment deadlines.
• You can have a real-time update on your tax liabilities.
• Analysis of your income and expenses is made easier, helping you to spot where your business is over or under performing.

So often we see people who provide us with their information 3-6 months after their year end, getting stung by overly large (and sometimes otherwise avoidable) tax bills when there is no time for us to do anything about it.

There is one rule to stick by – the more up to date and accessible you are able to keep your bookkeeping, and the more you and your accountant keep in touch, the more opportunity there is for your to grow your business.

Now, all this may seem like I am trying to heap extra work on your already busy heads…

Never fear! There is a reassuring side to this – it has NEVER been easier to keep your financial figures up to date.