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There always seems to be way too much to do and not enough time to get it all done when it comes to running a business. Trying to complete all of the tasks involved in running a company can be incredibly time-consuming, making it challenging to keep up with everything on your to-do list. Many entrepreneurs spend more of their time completing paperwork than anything else, which can be frustrating. Although paperwork may not be the best part about owning a small business, it is essential. Many of the admin tasks involved in running a company are vital to ensure that it runs smoothly and meets its obligations. Some admin tasks are even required by legislation, so staying on top of these is incredibly important.
Struggling to keep up-to-date with your paperwork and finding yourself panicking to complete your admin at the last minute is stressful and likely to be something you want to avoid. Compiling a spreadsheet that lists all the vital admin your business is required to complete and then tracking the dates to ensure you don’t miss the deadlines is a valuable way to ensure nothing important gets overlooked. Here are some essential business admin tasks you may need to complete:
Legal Entity Identifier Code Renewal
Most businesses must have a legal entity identifier code (LEI). If your business holds an LEI, you must keep it up-to-date and make a lei renewal each year. Failing to renew your LEI will render it inactive and could cause issues if you are required to provide proof of your LEI code. Even if you take out a multi-year LEI, you will still need to update the details on the paperwork each year to ensure that the information is correct. Adding your LEI code renewal date to your spreadsheet is a helpful way to ensure you complete the paperwork on time and that your LEI code does not lapse.
Insurance Policy Renewals
Business insurance is essential to protect your company from various situations that could harm it. From public liability to insurance to policies that protect your equipment from theft or damage, there are many different areas of your operation that will benefit from the correct insurance cover. However, many people overlook vital areas of their insurance cover by assuming that they are adequately protected. Carefully checking your insurance policies to ensure they provide you with the correct level of cover is an essential admin task. It is also advisable to note the renewal dates for each policy so that you have continuous cover for your business.
Tax Returns and Accounting
Recording business accounts and submitting tax returns is something that few entrepreneurs enjoy, but it is a vital task that must be completed. Making steady progress on this task by regularly updating your accounts is the best way to stay on track and avoid any stressful panics when completing your tax return. Spending a short time each week on this admin task will make the entire process far less stressful.