Bookkeeping is a methodical process usually occurring in monthly cycles consisting of entering transactions into journals and preparing reports. Basically it is the recording of data about your business so that accurate financial statements and accounts can be prepared.
All businesses are required to keep books and records going seven years back. The main advantages of keeping good, accurate records are:
- Helping you manage and understand your business, its finances and your cash flow
- Aid to preparation of your year end accounts and tax return
- Assist preparation of your Payroll and VAT returns
- Keeping track of where you are financially at all times
Getting it right will result in regular and useful information about your business while also ensuring you comply with legal requirements for financial recording and reporting.
For further information, or if you have a question about what I can do to help your business please contact me now.