Keeping Basic Records: Part 1 - Purchases

What this episode covers

This week, Neil explains how crucial it is to keep accurate accounts of your purchases. In the first of this three part series of episodes detailing his method of accounting, Neil shares his tips on how to easily and accurately store and record all your purchase invoices for easy reference. KEY TAKEAWAYS Every unaccounted for purchase means you are voluntarily going to pay more tax. Use an easy software package like QuickFile to electronically record your purchases. Write the software generated code for each entry directly onto the hard copy of your purchase invoice for easy cross reference. BEST MOMENTS ‘Get your ducks in a row so you don’t fall foul of Jonny tax man.’ ‘My purchase invoices are easy to find.These can add up to hundreds of pounds every year.’ ‘HMRC love sloppy business owners.” VALUABLE RESOURCES The Tutor Podcast  www.Neilcowmeadow.com ABOUT THE HOST Neil Cowmeadow is a maverick peripatetic guitar teacher from Telford with over 19 years’ experience in the business of helping people. Learn how to start, grow and love your business with Neil’s invaluable advice and tips without the buzzwords and BS! CONTACT METHOD [email protected]

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