What should I be filling in?

[RDR]

Hi all,

I've had a pretty good search of the forums but I can't find anything that tells me what I should be filling in every month to keep a record of invoices, expenses etc?

I know I need to keep a record of invoices, receipts, mileage etc but is there a form/spreadsheet I should fill in that keeps track of everything? Or is it just a case of giving everything to my accountant and letting home sort it all out?

Thanks in advance

Andy.

[Clare@InTouch]

It depends on your accountant, as some will want you to provide information in a specific format.

Go careful to ensure you're keeping an eye on things if you do just pass it all over, as you remain legally responsible for taxes and submissions regardless.

[Martin at NixonWilliams]

Hi all,

I've had a pretty good search of the forums but I can't find anything that tells me what I should be filling in every month to keep a record of invoices, expenses etc?

I know I need to keep a record of invoices, receipts, mileage etc but is there a form/spreadsheet I should fill in that keeps track of everything? Or is it just a case of giving everything to my accountant and letting home sort it all out?

Thanks in advance

Andy.

Whichever way you go about this, make sure the records you hold mirror those held by your accountant.

I assume you will keep an electronic record of your invoices however the expenses require a bit more care. Make sure business expenses paid personally can easily be distinguished from those paid direct from the buisness & avoid using the company account for any non-business purchases as this complicates matters.

As Clare says, your accountant may have a prescribed format, if kept to this usually makes life easier for both of you.

I hope this helps.

Martin

[RDR]

Thanks everyone,

I'll check with my accountant and see if he has anything specific he wants me to fill out.

Andy.

[northernladuk]

Thanks everyone,

I'll check with my accountant and see if he has anything specific he wants me to fill out.

Andy.

All this sounds very wrong. A decent account would have already supplied you will all this along with some guides and a chat. To have an accountant and not know what to fill in sounds like a bad situation to start with.

Be very clear from the start about your relationship with the accountant. You are not filling it out for him. You are filling it out as part of running your business. The fact he has something specific that helps him is a bonus. They just provide you a service, not run your business.