Update from Matthew Fryer

Brookson's top tips for keeping track of business expenses... As a business you need to have a clear understanding of all your outgoings in order to protect your cash flow and ensure you’re in compliance with tax rules. However, when you become self-employed, managing expenses is one of the greatest challenges. Speaking to a specialist accountancy provider can help to put you on the right track, so the sooner you seek advice the better. Here are a few general tips and tricks you can follow to ensure you’re in control of your expenses. 1. Understand what your expenses are Lots of people who decide to become self-employed find themselves coming unstuck simply because they are unaware of what constitutes a business expense. You need to have a very clear idea of what outgoings you have that are related to your business. Think about whether your expenditure is necessary and natural for your business to function. If the answer is yes, then it comes under expenses. One of the first things you should do is make a clear list of all your costs, from professional subscriptions to travel and subsistence. This should be updated as and when your circumstances change. Take a look at our infographic for examples of what expenses you can claim as a self-employed professional 2. Keep comprehensive records If you’re going to become self-employed you need to be a meticulous record keeper. Organisation is key to success so be sure to keep and file all documents related to expenses, keep receipts together, and clearly order and file invoices. If you can, keep multiple copies to cover your back if something untoward happens. While this might sound excessive, it will make life much easier come tax time and limit the risk of you falling foul of the law. 3. Make the most of technology There are plenty of apps out there to help you manage your expenses and you should certainly take full advantage of them. Using a mobile app also means you can track costs when on the go, which makes travel time much more productive. 4. Opt for a visible payment solution As you grow, visibility of payments will become crucial. Paper-based processes are labour intensive and harder to manage, so investing in a payment solution that collates all payments into one viewable portal is important. From here, you can also identify opportunities to lower costs. 5. Make time to review expenses It’s never nice looking at a list of everything you spend your money on. We’ve all been left with that sinking feeling when taking a look at our outgoings. However, when you have a business you need to constantly review your costs to understand your financial position and identify areas for change. You also need to be aware of expenditure to make use of government schemes to save money or secure VAT refunds, for example. Set a standard time to review expenses each month and be prepared to revise budgets up or down accordingly. This will give you much better oversight of your business and peace of mind that everything is running as it should. How Brookson can help… Brookson Connect takes the hassle out of claiming your expenses, simply take a photo of your receipt and email or upload it to your portal. Connect takes bookkeeping and accounting to a whole new level. Packed with intuitive features, it enables you to make decisions based on current information, not past performance. Drill down into transactions, submit expenses, track invoices, check your tax position, see how much you can withdraw – and it is all updated on a daily basis.

Showing results in {{ selectedLocation.name }}

Suggestions

Categories

Suggestions

Professionals

Public users

Companies

Articles

Locations

There are no results for {{ query }}

Showing results in {{ selectedLocation.name }}

Suggestions

Categories

Suggestions

Professionals

Public users

Companies

Articles

Locations

There are no results for {{ query }}

Send Email to Matthew Fryer

Quick Links:

Locations: