When running a business, there is always a steady stream of paperwork that needs to be completed. Keeping on top of all these admin tasks can be time-consuming, but some paperwork needs to be prioritised to ensure it does not get missed. Some admin tasks only need to be completed annually, and these are often among the most crucial pieces of paperwork that you need to take care of and could have serious implications if they are forgotten. Below are some of the annual admin tasks every business needs to complete to keep their operation running smoothly and improve efficiency.
Keeping up-to-date with your renewals for professional and regulatory registrations is essential to ensure they do not lapse. Being aware of the renewal dates for professional accreditations and legal registrations, such as legal entity identification aka lei, is vital to avoid these expiring. Setting yourself a reminder to go through the paperwork required to re-apply for these is essential. You may discover the application process takes longer than you envisioned, so allowing yourself enough time to get this completed and submitted ahead of the deadline is essential.
Preparing for the end of the tax year and filing their accounts is something that many business owners dread. Leaving your accounts to the last minute can spark a frantic race to get them submitted on time and can become incredibly stressful. If you find that each year, filing your taxes before the deadline becomes a panic, then getting some extra help could be a wise idea.
Using the services of an accountant or a bookkeeper could be just the help you need to keep your accounts in check to prevent your taxes from becoming a headache each year. Alternatively, you could continue completing your accounts yourself, but instead of leaving it until the deadline, set aside time each week or month to update books and ensure you do not fall behind. Whichever of these options you choose, it should help to remove some of the stress caused by this crucial piece of annual admin.
To keep your company running profitably, you need to have a clear idea of how much stock your company currently holds and how it is performing. Carrying out a stock check or inventory once a year is essential to ensure your business is not being weighed down by surplus stock taking up space and not delivering sales. The better you understand your inventory and which products perform well, the easier it will be for you to make informed decisions based on up-to-date insights. Carrying out an inventory check may be a laborious admin task to complete each year, but it is well worth the effort.
Getting ahead of these tasks will help you avoid any last-minute panic to complete this paperwork. Having the time to tackle these admin tasks thoroughly will ensure that you can complete them effectively and use them as an opportunity to make improvements to your business where needed.