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As a contractor, it can be difficult to know where to start and what tools are available to you when it comes to organising your finances. What is the best way to collate your important files and information? And how can this make your business run more smoothly? Our partner Auderli is here to break down the most important aspects to keep in mind when considering your business finances, to get you started on tackling this daunting but unavoidable task.
Often overlooked, assets and liabilities play a huge part in contributing to the overall value of your business. Keeping track of anything from expensive tools and machinery to business vehicles and properties helps you to better understand where your business’ net worth stands aside from your profits. As well as this, financial liabilities such as accounts payable or money owed to suppliers should be factored in to organising and improving the future of your business finances.
Using a tool such as Auderli’s new document upload feature allows you to keep all of your business-related documents in an easily accessible and up to date system, close at hand for whenever you need them. Some of the categories of these useful documents include:
Insurance
All contractors require various degrees of insurance, either to protect the business from harm or to provide cover relating to employee safety. In the event of a claim, accurate records of such documents are essential.
Tax and Accounting
An efficient financial management system regarding tax and accounting makes it easier to see what tax is owed, and to share this with your accountant when needed.
Self-assessment
Uploading your HMRC self-assessment report will allow you to compare each tax year and have easy access to these files in case there is ever an issue regarding your income tax.
Agreements
Any agreements made with employers, other firms, or suppliers must be documented. Not only is this a requirement of being a contractor, but it’s also something you’ll want for your peace of mind.
Certificates
If you work within a specialist industry which requires you to have certifications to prove the quality of your work, then storing these somewhere accessible allows you to easily show prospective clients or employers.
Receipts and Expenses
Keeping an accurate record of receipts and expenses can be a huge help when it comes to submitting tax returns and calculating your average spending.
Whether you’re a contractor who works with other people’s finances or a business owner who needs to share information with a business partner or solicitor, then keeping organised financial records allows you to take control when sharing certain confidential documents or information. When you know where things are, you can ensure that you only find and share the relevant information.
This speeds up various processes such as accounting and tax assessments and allows you to spend more time focusing on other aspects of your work.
Coming soon: An up-to-date calendar system is not only efficient in helping your day-to-day work life run smoothly but can also help you to stay on track of important financial dates too. By logging dates for things such as insurance renewals and tax assessments into a digital or physical calendar, you can then set up reminders based on these so that you can prepare for them in advance.
Auderli is a new online financial and life management tool which allows you to keep track of your accounts, assets and important documents all in one place.
Valuing simplicity, accessibility, and usability - Auderli is designed for people, businesses, and contractors alike. By seamlessly integrating with financial platforms such as bank accounts or insurance providers, Auderli gives you a simple view of your overall net worth. You can then decide whether to share your portfolio securely with loved ones or financial and business associates.
If you’re a Qdos customer, you can store your Qdos insurance policy within Auderli and easily share information. Why not sign up to Auderli today? Your organised financial future awaits!
Ask away! One of our team will get back to you!