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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
|
Profit & Loss Account |
TOTAL |
Jan-09 |
|
2009 |
|
|
|
|
|
Gross Takings including Tips |
0 |
0 |
|
Receipts Government agencies |
0 |
0 |
|
Tax Exempt Income |
0 |
0 |
|
Bank Interest Received |
0 |
0 |
|
|
|
|
|
Sales Turnover |
0 |
0 |
|
|
|
|
|
Taxi Vehicle Running Cost |
0 |
0 |
|
Business Mileage Cost |
0 |
0 |
|
|
|
|
|
Cost of Sales |
0 |
0 |
|
|
|
|
|
Gross Profit |
0 |
0 |
|
|
|
|
|
Sub contractors |
0 |
0 |
|
Staff costs Salaries Wages |
0 |
0 |
|
Taxi license & Professional Fees |
0 |
0 |
|
Travel & Subsistence |
0 |
0 |
|
Office Repairs and Renewals |
0 |
0 |
|
Office Premises Rent Rates |
0 |
0 |
|
General Administration |
0 |
0 |
|
Heat and Light |
0 |
0 |
|
Bank Interest and Charges |
0 |
0 |
|
Bad Debts |
0 |
0 |
|
Other Expenses |
0 |
0 |
|
Depreciation |
0 |
0 |
|
Donations entertainment |
0 |
0 |
|
Goodwill / Capital write-off |
0 |
0 |
|
|
|
|
|
Total Expenses |
0 |
0 |
|
|
|
|
|
Net Profit/Loss |
0 |
0 |
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.
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.
DIY Accounting taxi driver business accounts software is
crucial to the help and growth of the business.
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"
| 
ROI
small business
accounting software, tax accounting, payroll software, 
