|
      
FINANCIAL ACCOUNTING
SOFTWARE TO AUTOMATE PROFIT & LOSS ACCOUNT
A profit and loss
account is a summary of taxi business transactions for a given period -
normally 12 months. By deducting total expenditure from total
income, it shows on the "bottom line" whether your
business made a profit or loss at the end of that period. A profit
and loss account is produced primarily for business purposes, how
the business is performing. But most of the information is also used
by HM Revenue & Customs to work out your tax
bill. In this
financial accounting software the financial software uses the
automated entries in the profit & loss account to complete the
self
assessment tax return.
No Entries Required:
Fully automated the financial accounting
software prepares the self employed profit & loss account from the entries
made to the receipts excel spreadsheet and the
expenses excel spreadsheet
All the
financial information is generated automatically from the
receipts and
expenses sheets each month to produce a
monthly profit and loss account and the
annual profit & loss account to date and finally the
self assessment tax return from which the
tax liability can be calculated.
Mileage Allowances or Vehicle
Expenses?
Fully automated if you choose to
enter the mileage covered then the taxi driver book keeping software will
automatically calculate for you and select the highest cost, mileage allowance
or vehicle running costs. The taxi book keeping system chooses the highest cost as
this reduces your taxable profit and legally reduces your tax bill.
|
Profit & Loss account automatically updates with the most tax efficient
option |
MILEAGE ALLOWANCE |
CABSMART < < < < MOST TAX EFFICIENT OPTION IS |
VEHICLE EXPENSES |
Enter mileage and vehicle expenses on the sales and expenses sheet and
the formula will automatically select the best option |
Recording your mileage is
optional. If you do not record your mileage then your vehicle running costs will
by default be the largest and therefore included in the taxi driver accounts.
You cannot claim vehicles costs and mileage allowances, it has to be one or the
other. This taxi driver accounts software, Cabsmart, automatically chooses the
best for you.
Having a
profit & loss account up to date, available in real time enables progress to a
successful financial result to be monitored and should banks or other
institutions request up to date self employed accounts then you have exactly
that, self employed accounts at the touch of a print button.
Having an up to date profit & loss
account available, especially for new start up business, can seriously impress
potential lenders to enable the start up business in particular provide the
confidence to financial institutions to enable arrangements to stave off
possible under capitalisation issues and assist advances for new vehicle
purchases..
This is how the simple profit &
loss account appears in the financial accounts section of the financial
accounting software.
|
Profit & Loss Account |
TOTAL 2007/08 |
Apr-07 |
May-07 |
|
|
|
|
|
|
Sales Turnover |
0 |
0 |
0 |
|
Fuel & Oil Expenses |
0 |
0 |
0 |
|
Car Hire/Vehicle Leasing |
0 |
0 |
0 |
|
Repairs, servicing and parts |
0 |
0 |
0 |
|
Road tax and insurance |
0 |
0 |
0 |
|
Capital Allowances |
0 |
0 |
0 |
|
Mileage Allowance |
0 |
0 |
0 |
|
Cost of Sales |
0 |
0 |
0 |
|
Gross Profit |
0
|
0 |
0 |
|
Employee costs |
0 |
0 |
0 |
|
Premises costs |
0 |
0 |
0 |
|
General admin expenses |
0 |
0 |
0 |
|
Advertising & promotion |
0 |
0 |
0 |
|
Legal & professional |
0 |
0 |
0 |
|
Interest |
0 |
0 |
0 |
|
Other finance charges |
0 |
0 |
0 |
|
Other expenses |
0 |
0 |
0 |
|
Total Expenses |
0 |
0 |
0 |
|
Net Profit/Loss |
0 |
0 |
0 |
|
Any Other Business Income |
0 |
0 |
0 |
|
|
|
|
|
|
Financial Business Health Check |
|
|
|
Forecast Profit |
0 |
0 |
0 |
|
Drawings Week 1 |
0 |
|
|
|
Drawings Week 2 |
0 |
|
|
|
Drawings Week 3 |
0 |
|
|
|
Drawings Week 4 |
0 |
|
|
|
Income Tax & NI Liability |
0 |
0 |
0 |
|
Financial Health Check |
0 |
0 |
0 |
|
|
|
|
|
DIY Accounting taxi driver business accounts software is
crucial to the help and growth of the business. Statistically the majority of
small businesses go out of business within 3 years of start up. The 2 major
reasons for this disastrous track record of start up businesses are a lack of
profits and under capitalisation. The unique DIY Accounting Taxi Driver
Financial Health Check is fully automated and estimates annual income from month
one of the financial year and provides every Taxi driver with an immediate
snapshot of how drawings compare with net taxable income after tax and national
insurance to keep you on track for a successful financial performance.
Keeping a tight rein on the
profit
and loss account, produced automatically by the financial accounting software,
gives you control over the business pattern and the opportunity to reverse
adverse trends immediately they appear. Small business finance software that
produce a profit & loss account are an essential element that no new start up
business should be without. Run the new start up business without this financial
software and your success dives into the realm of guesswork.
DIY Accounting also recommend that
when using the self employed taxi & van driver accounts and viewing the profit & loss account also enter drawings in a row beneath the last row of the profit &
loss account. This gives an instant view of how much money is being taken out of
the business compared with the profit & loss being achieved. Taxi book
keeping at its best, designed specifically for taxis and van drivers.
DIY Accounting
"Cabsmart taxi & van driver Mileage allowances and vehicle costs in the UK"
| 
DIY accounting and payroll
software limited company formation UK 
