5 Tips for keeping up with paperwork

5 tips for keeping up with paperwork
  1. Know your deadlines and plan for completion 2 weeks prior to give time for delays, etc
    • Income Tax 31 October
    • VAT 19th of the month after the VAT period
      • Bi-monthly
      • Bi-annually
      • Annually
    • CRO Returns – Annually on date of registration
  2. Utilise software – finding what’s best for you isn’t always the best, quickest or cheapest way to do it. These days software pretty much does it all for you, but you still have to input the items and know how to read the reports.  They have many great facilities such as Cash Flows, Year on Year Comparison, Project Allocation, RCT reporting, VAT reporting, just to name a few.  They do vary in cost from €15 per month upwards but most offer a free 30 day trial so you can look around and get a feel for them first.

3.  Do little and often. Block off some time each week (minimum monthly) to take care of the books.  That way it doesn’t build up.  Make sure this is time during the day when you would be working anyway and not Saturday evening when you should be spending time with family.

4.  If you run a business where your van is your office, or even if you have a physical office, get a box and get into the habit of putting all your receipts into it as you get them. Be aware that receipts kept in direct sunlight will fade quicker and if you can’t read them then neither can Revenue if they do a VAT audit.

5.  Number everything. Even if they aren’t in date order, if you have them numbered it will be a lot easier to find the one you need in a hurry.

What tips would you add?

Leave them in the comments below

If you’d like some help in getting started call 0874151435 or email info@rcmservices.ie

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1 thought on “5 Tips for keeping up with paperwork”

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