TWD Accounting Blog

Our latest tax news and tips have been posted, if you need an update please take a look.

We have just received a pleasant surprise in that the branded online accounting software we offer to all clients,Arithmo has been shortlisted in the SME Accounting & Finance section of the Software Satisfaction Awards 2010.

This is the second year running that the software has been shortlisted for such awards and we would like to thank all those users that have cast their votes. There is still a long way to go and we are up against some very stiff competition but without the support of our users we would not have been shortlisted.

Thanks again.

31 July is the deadline for getting your tax credit update claim in. Read more about it on our pages on MSN Money.

http://money.msn.taxbuddies.com/news/accountancy-news/99/will-you-miss-out-on-tax-payments.html

and

http://money.uk.msn.com/

June is now upon us, after a very busy month of May.

We have had so many tax and accountancy questions that we thought we would add a few of these to our FAQ pages.

Look out for our new questions in the Investments and General sections.

We have also set up a New Landlord FAQ page.

If you have a question which you cannot find the answer to please click here for help.

I hope June is a good month for you all and that includes our national football team.

TWD have joined forces with Casting Call Pro, the online directory of professional actors, presenters, agents and casting professionals.

The tax and advice section looks at a number of different factors that can affect an actor, from agents’/managers’ fees to equity subscriptions etc. The information available covers topics like tax returns, self-employed accounts and online bookkeeping.

For more information click here

Also please look out for our comprehensive Actors FAQ section, featured within the Casting Call Pro Actors handbook due out next month.

We have been dealing with small business accounting for many years, developing our fixed fee package.

Readers of my blog will notice the trend for dealing with driving instructors. We already have strong relationships with the MSA and BSM. Over the last month we have we have been working hard behind the scenes and have now developed further relationships with Latics, but most recently AA Driving Schools and New Driver Schools where we are offering help and advice to both new and existing instructors.

We are also helping instructors by providing tax content to websites such as Driving Schools Directory, again we are hoping to push this content on to other sites in the coming weeks.

I make no secret that it is our aim to become the largest independant accountancy practice, dealing with driving instructors, within the UK. A huge challenge but one I believe we are up to.

Launched on Monday 26 April 2010 and run by photographers, The
National Photographic Society are a new organisation based in the UK.

Offering training, advice, qualifications and discounts with major
photographic brands to professional, semi-professional and aspiring
photographers, there are benefits to joining no matter what level of
photographer you are.

More information can be found on their website or they can be reached
on 02380 871009

Their website can be found at www.thenps.co.uk

Last night I was invited to attend a meeting of Latics Driver Training franchisee’s. I was there to talk about driving instructor accounts and tax and the services that TWD offer.

I had a 20 minute slot and it is fair to say that although accounts and tax are not the most exciting of issues I thought the evening went well.

From a personal perspective I would like to thank all the instructors present for their time, attention and warm welcome received. It was also nice to stay for the whole meeting to gain a valuable insight in to the driving instructor industry.

Many thanks to Claire and all here team.

Regardless of its nature, accurate financial record-keeping is essential for every business. It is one of the elements that make your enterprise a success. As a Driving Instructor, keeping good accounts is just as important as a good diary keeping system or making sure your car is kept clean and tidy.

Your accountant will much prefer orderly information. It will save time for them, and may even help bring your fee down too. If your records are already complete it makes preparing your end of year accounts and tax return quicker and easier. Good bookkeeping has other benefits to your business:

• Good financial information can help obtain a business loan.
• Having a reasonable estimate your profits makes it easier to plan for tax you have to pay.
• This can make it easier to avoid unnecessary tax penalties or interest.

Unfortunately, bookkeeping is time consuming. Or it can be. In the past, it was all done manually, but thankfully those days are gone – most bookkeeping is done on computers now.

Most simply you can use something like Excel to create a simple spread sheets. If you know how to use them, these can work for simple figures. For more detail though, they are limited.
The next step up is dedicated accounting or bookkeeping software. This has lots of benefits;

• You can see your records easily at any time
• Changes can be made easily, and mistakes rectified
• You keep your records in a standard format
• All the calculations are done for you
• There is a record of all your transactions that you can refer to easily
• Reports can be created instantly

The problem is, most of this software was designed for the accountant, and it can be hard to use. It also suffers from the disadvantages that all ‘traditional’ software has, such needing lengthy installation and becoming obsolete quickly.

Recently there has been move to online accounting software.

It works quite differently from traditional software. The crucial difference is that the program is held centrally, on a large server, and is accessed over the internet.

The way accounting software works – you enter information and save it for later – is ideally suited to this type of method. Amongst the benefits of any online system are

• You don’t have software to install
• It’s always the latest version
• Backups are automatic, so your data is safe
• You can access your records from any computer at any time
• It is very secure
• It is generally much cheaper

Don’t forget though, that all the usual benefits to your business of using accounting software still apply.
In summary:

• Every business or sole trader needs to keep records
• Any form of bookkeeping (if done well) is better than none at all.
• Using computers is much more efficient than manual books.
• Accounting software can help but is complex and has limitations.
• Online software solves many of the problems of traditional software, but retains the benefits.

This may sound too good to be true, but it isn’t. Online accounting is here and available now. It could really help your business and save you money.