Online Accountants UK

December is the month when sloppy bookkeeping finally catches up with a business. The Christmas rush pushes invoices, receipts and expenses to the side, and by January the books are a mess, the VAT return is a scramble, and the accountant is asking questions nobody can answer quickly. The fix is not a heroic January clean-up. It is a short, repeatable month-end close routine, done in five working days, every single month. A month-end close is simply the point where you stop, check, and lock the month down. Nothing is left half-posted, nothing is guessed at, and the numbers you report are the numbers that actually happened. Here is a routine that works for most UK small businesses, and it fits into five days without taking over the week. Day 1: Get everything in Start with the paperwork. Chase the missing bits now, not on day 5. Supplier invoices that arrived by email, till receipts, card statements, mileage claims, and any expenses paid from a personal account all need to be in the sys...

  December is the month when invoices go quiet. Your customers are winding down, their accounts teams are on leave, and the invoices you sent in November sit unpaid while your own suppliers still expect to be paid. The firms that get paid before Christmas are not the ones with the pushiest chasers. They are the ones with a routine, and they run it before the second week of December. Here is a routine that works, and it takes about an hour a week. Start with the list, not the phone Pull your aged debtors list and sort it by invoice date, oldest first. Highlight three groups: invoices due before 15 December, invoices already overdue, and invoices for customers who always pay late. That is your chase list. Everything else can wait until January. Check each invoice on the list before you chase it. Is the amount right? Is the purchase order number on it? Was it actually received by the right person? A surprising number of December delays start with an invoice that went to someone wh...

Making Tax Digital for Income Tax Self Assessment starts on 6 April 2026. From that date, sole traders and landlords with qualifying income over 50,000 pounds will need to keep digital records and send quarterly updates to HMRC. It is the biggest change to Self Assessment in a generation, and the firms that prepare early will find it far easier than those who leave it to March. This checklist explains who is in scope, what changes, and the five steps to take now. Who is in scope From 6 April 2026, the rules apply to sole traders and landlords whose total qualifying income is over 50,000 pounds a year. Qualifying income means gross income from self-employment and property combined, before expenses. If you have 30,000 pounds of self-employment income and 25,000 pounds of rental income, your qualifying income is 55,000 pounds, and you are in scope. The threshold drops to 30,000 pounds from April 2027, so many more people will join in the second year. Partnerships and more complex case...

November is the month when cash flow surprises are born. Christmas trading, early pay dates, supplier bills landing before customers pay, and a January VAT and self-assessment season waiting on the other side. Businesses that forecast the next six weeks now will enter January calmly. Businesses that do not will spend January chasing money they already earned. A cash flow forecast is not a complicated model. For a small business, it is a week-by-week list of money expected in and money expected out, built from facts you already have: invoices raised, invoices due, payroll dates, rent, and regular supplier payments. The point is not precision to the pound. The point is seeing a shortfall three weeks before it happens, while you can still do something about it. Start with what is certain Build the forecast in three layers, starting with the certainties. First, money out that will not move: payroll, rent, loan payments, direct debits, and the December pay date if you bring it forward. ...

  Most small businesses reconcile their bank accounts once a month, usually in a rush, usually days after month-end. By then the trail is cold. A payment you cannot recognise is three weeks old, the person who made it has forgotten it, and the bank statement has moved on. Doing the same job every week takes about 20 minutes and removes almost all of that pain. Weekly reconciliation is not extra work. It is the same work, split into smaller pieces, done while you still remember what happened. Why weekly beats monthly A monthly reconciliation tries to match hundreds of transactions in one sitting. Errors hide in volume. A duplicate supplier payment, a customer receipt posted twice, or a bank fee you did not expect all look the same when you are staring at 300 lines. Weekly, you match 40 to 70 lines. Anything odd stands out at once. You also catch problems while you can still fix them: a missing invoice can be requested, a wrong amount can be queried, and a fraudulent transaction can ...

Duplicate supplier payments rarely come from fraud. They come from ordinary invoices arriving twice, once by email and once through a portal, or from a credit note that never reached the person approving the payment run. A three-way match is the simplest control that catches both problems before money leaves the bank, and it costs nothing except a few minutes of discipline at the point of entry. The match has three documents: the purchase order, the goods or services receipt, and the supplier invoice. When all three agree on supplier, quantity, price, and description, the invoice is safe to pay. When any one of them disagrees, the invoice waits. That waiting is the point. Most payment errors are not discovered by a year-end audit, they are discovered by a supplier chasing a short payment or by a bank statement that does not reconcile, long after the money has gone. Start with the purchase order A purchase order is only useful if it is raised before the goods arrive, not reconstructed a...