As we come to the end of the current tax year for 2021/22, companies are having to start thinking about getting their accounts organised.
Depending on how efficient you have been throughout the year, will completely depend on the amount of work that needs to be done and the cost involved.
With accurate record keeping, producing a business income tax return will be easy and we have laid out what that will include for your company account.
Summarising your income and expenses for profit and loss;
List your creditors and debtors; and
Show records of your asset purchases.
Using Xero to manage client money
One subject that is often not given as much air-time is utilising Xero’s ability to become your client account management tool and how easy it is to keep this up to date throughout the year.
An agent's ability to keep on top of the cash reconciliation is vital: not only because it means you stay in line with compliance frameworks, but because it allows you to manage your cash flow effectively.
It also allows you to manage balances for landlords, tenants and suppliers. Plus to report what management fees have been paid and overall how profitable your business is on a monthly basis.
As the title suggests, with the end of the financial year on the horizon, the opportunity to review processes and trial different solutions could significantly improve operations for the next year.
Below are several articles that cover the merits of using Xero & switching systems:
Can Xero help manage your property business?
Get in touch by calling us on 07593152382 or emailing firstname.lastname@example.org and we’d be happy to talk you through considering Xero and Rentancy for your agency and portfolio.