Systemitised records of financial transactions may take different forms: printed books, excel spreadsheets, desktop database, and, most recently, cloud solutions.
Bookkeeping is a skeleton of accounting services. Poor maintenance of the financial records and transactions may affect your business profit and leave you with a higher amount of tax liability. It leads further to producing unrealistic performance indicators and, as a result, to the worse offers from the banks and the investors.
Here are the major important points of bookkeeping:
- Gives you an up-to-date business position.
- Keeps all records safe & compliant for 6 years with no bulky archives required.
- Improves your cash flow due to organised records for suppliers and customers.
- Eases budgeting and forecasting activities.
- Management accounts are prepared monthly, not just annually.
- Allows using recorded details for numerous reports.
- Improves tax planning and aids tax liabilities reconciliation.
- Reduce your accountant’s fees.
- Saves on penalties and interests for overdue submissions.
- Easier access to bank loans and overdrafts.
It used to be a nuisance of collecting the paper receipts for all business expenses, getting some of them lost or even destroyed (“Mr Officer, my dog ate the good chunk of them!”) and having long hours of recording them on another media either on pieces of paper or on MS Office app by the end of the year. 82% of small businesses fail because of poor cash flow.
Has it all changed now? Yes, it has.
HMRC has an MTD Road map with the intention of digitalising all businesses.
Cloud-based software helps to digitalise receipts of any kind, pre-fills main details for you using the OCR algorithm and leave an e-draft for your final verification.
It is effortless to deal with all daily expenditures ongoing: “snap a picture of given receipt – add missing details – approve and save”.
No more worries about having an important document lost when handing over your records to an accountant.
- We help you in choosing the most suitable software for your business and the budget.
- We provide initial and on request training sessions to improve your skills in doing the bookkeeping yourself.
- We offer our support in keeping business records organised in your stead.