While you may already have established bookkeeping procedures, it is important to periodically review and update your financial records and processes.

Accurate financial records not only provide insight into the health of your business but also help you identify potential problems before they become too serious.

With accurate financial records, you can make informed decisions and plan for the future with confidence.

Steps you should take

To keep accurate financial records, it is essential to understand the different types of documents that need to be tracked, including income, expenses, assets, debt, loans, investments, and taxes.

As a business owner, it is also essential to track day-to-day transactions by collecting receipts, invoices and deposit slips.

While traditional record keeping practices are often paper based forms of filing, most businesses now maintain digital records.

If your business is still relying on paper records, consider switching to online accounting and various apps that support financial record keeping, such as invoice and receipt scanning software.

As accountants, we recommend that your financial records are safely stored, readily available, and easy to draw into your accounts. This is where online accounting can save you time and provide peace of mind. With the right systems and procedures in place, you can regularly reconcile accounts, forecast cash flow and performance, keep track of assets, and double-check financial statements before submitting them to HM Revenue & Customs (HMRC).

In summary, reliable financial information gives you a better understanding of your business’s performance and enables you to make sound decisions and plan for the future.

If you need advice on managing your business finances including record keeping and moving to digital methods, contact us today.

The post How to master financial record keeping appeared first on Grunberg & Co.

Following an announcement in Parliament earlier this month, the Government has now outlined how the Energy Bill Relief Scheme will support businesses and public sector organisations facing soaring energy bills.

Under this new measure, gas and electricity unit costs will be capped at less than half the wholesale costs on previously predicted bills, offering a reduction on energy cost for all non-domestic customers.

This is equivalent to the Energy Price Guarantee introduced for domestic households.

How much will you save?

The Energy Bill Relief Scheme while ensure that customer benefit from a Supported Wholesale Price, which is likely to be £211 per MWh for electricity and £75 per MWh for gas.

Relief will be applied to fixed contracts, as well as changing and flexible tariffs and contracts, agreed on or later than 1 April 2022.

The scheme, which is based on usage, will operate for a preliminary six-month period for all non-domestic energy customers from 1 October 2022 to 31 March 2023.

Consumers will see these savings in their October bills, which are usually issued by suppliers in November.

Do you need to do anything?

Customers do not need to take any action themselves, as the relief will be automatically applied to bills during this period.

The amount each business will save depends on their contract type and circumstances. You can find out the different levels of support here.

Non-domestic customers, who use heating oil or alternative fuels, will obtain equivalent support. Further information on this will be revealed in due course.

The Government will publish a report in three months, which will evaluation the scheme and guide decision makers on future support after March 2023.

For help and advice on related matters, contact our team today.

The post Worried about energy bills? Government releases details of Energy Bill Relief Scheme appeared first on Grunberg & Co.