4 ways fire.com is taking the hassle out of end of year taxes
April 17, 2018
You’ve made it through another end of year, your tax returns are complete, and you’ve promised yourself to be more organised next year. Being organised is a key aspect for successful tax and year-end planning and management. At fire.com we aim to help businesses plan and manage their affairs better by providing digital accounts and debit cards. Here are 4 things we suggest to help you reduce the hassle.
1. Ring fence your tax using dedicated fire.com accounts.
Firstly, why not set up an account for your tax liabilities – with fire.com, businesses can create multiple accounts. So a very easy way to manage your tax liabilities is to open a fire.com account for setting aside funds to cover an upcoming tax bill. So as you collect funds you can transfer the tax to another fire.com account – in real time, ring fencing the funds.
2. Use an online accounting package.
Consider using an online accounting package – there are numerous online accounting solutions available and fire.com is compatible with all the major providers including Xero, Sage One, Quickbooks, and FreeAgent. This will help your accountant see what’s going on and also allow you to update your accounts as you carry on with your business. With fire.com it’s also possible for you to give your accountant read only access to your fire.com account so they can keep up to date with all the necessary reconciliations as you make payments and get paid.
3. Give your staff fire.com debit cards to manage expenses.
If you need to separate out your expenses, why not order one or more fire.com debit cards and link these to specific fire.com accounts. That way you can prefund accounts for yourself and/or your staff, who can then use their fire.com debit card for business expenses – online, in store and if necessary to get cash from an ATM.
4. Stay in control with the firework for business mobile app.
With a fire.com business account, you can download the firework mobile app. This will help you keep up to date with your accounts and also send you alerts as lodgements arrive, as any of your debit cards are used or when your accountant logs in – all in real time, giving you peace of mind.
When a business opens a fire.com account, it immediately gets access to a sterling and euro account. We have thousands of businesses across the UK and Ireland who are now using fire.com to better manage their payments, hopefully making their year-end accounting easier.
fire.com does not provide tax or accounting advice, so always talk to your adviser.
Colm Lyon, CEO fire.com