Keep Track of Who Owes You Money with Good Bookkeeping
Many clients in smaller businesses do not have the resources to manage bookkeeping themselves. We can offer bookkeeping services that suit your business requirements – whether it be on a monthly, quarterly or annual basis.
All businesses, whether small or large, are required by law to keep books. A Bookkeeper is a person responsible for bookkeeping. Bookkeepers are responsible for providing accurate, up-to-date financial information about a business. Bookkeeping is the systematic recording and organising of financial transactions in a company on a day-to-day basis. Transactions include purchases, sales, receipts, and payments. Tracking the financial activities of a business is the truest purpose of bookkeeping, which allows you to keep an up-to-date record of the current incoming and outgoing amounts, amounts owed by customers and by the business, and more. Accurate bookkeeping will enable you to make informed decisions on expenditure, plan investments and control your cash flow.
Bookkeeping might not be the most exciting subject, but getting this right is essential if your business is to succeed. If you run a business, then HMRC does expect you to maintain good bookkeeping records which show what’s happening in your business. This is true whether you’re a sole trader, a limited company, in a partnership, a freelancer, VAT registered, or any combination of these!
Your bookkeeping records form the basis of every tax return you need to send, so they must be accurate. Good bookkeeping helps you avoid uncomfortable conversations with HMRC auditors (and any potential fines), but it’s useful for other reasons, too. For example, keeping your financial records up-to-date helps you keep track of any money you owe (or are owed, which will help with credit control) and spot areas where you could save. You’ll find it much easier to manage your cash flow, too.