Practical accounting, tax, and business insights to help you make smarter decisions.
PAYE, National Insurance, and Health Surcharge are held on behalf of your employees, not your business. Remit them by their due dates every month to avoid penalties, interest, and compliance headaches.
Review an ageing report monthly to see which customers are 30, 60, or 90 days late. Acting on the oldest balances first keeps bad debts small and tells you which accounts need tighter terms.
Send invoices the day work is completed and set clear payment terms on every one. A short, polite follow-up a few days before the due date shortens your collection cycle and protects working capital.
Add up your fixed monthly costs and divide by your gross profit margin. That figure is the minimum revenue your business needs each month, and it turns pricing, hiring, and discount decisions into simple arithmetic.
Photograph or scan receipts and invoices as soon as you get them and file them by month. Digital records survive faded ink, support your expense claims during a review, and make year-end preparation far faster.
Match every bank and credit card transaction to your books before the month closes. Monthly reconciliation catches duplicate charges, missed deposits, and bank errors while they are still easy to trace and correct.
Caribbean businesses often face seasonal cash flow swings. Build an operating reserve during stronger months to cover expenses during quieter periods.
Keeping personal and business transactions in separate bank accounts makes record-keeping cleaner, simplifies tax filing, and gives you a clearer view of your company's true financial health.
Don't wait until filing season to think about VAT and withholding taxes. Set aside a portion of revenue monthly so your business is ready when tax payments come due.
Reviewing your profit and loss, balance sheet, and cash flow every month helps you spot trends early, control costs, and make informed decisions before small issues grow.
