Edwin Samu
Jun 29, 20192 min
Updated: Dec 4, 2020
More than just a legal requirement, basic #bookkeeping is an essential part of your ability to manage your #business effectively.
Every year, your business #accounts will need to be completed.
If your business is operating as a #limited company, you will need to submit your #company accounts to #CompaniesHouse.
If you are #self-employed, your business accounts will be used to calculate your #self assessment #tax liability.
Your bookkeeping records will form the basis of these statutory #financial statements. They should include information relating to your #sales, your #expenses, #salaries of you and any #employees, along with other #bank transactions.
It might sound complicated, but take it one step at a time and itโs actually quite manageable.
๐๐ก๐จ๐ฎ๐ฅ๐ ๐ฒ๐จ๐ฎ ๐๐จ ๐ฒ๐จ๐ฎ๐ซ ๐จ๐ฐ๐ง ๐ฌ๐ฆ๐๐ฅ๐ฅ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐จ๐จ๐ค๐ค๐๐๐ฉ๐ข๐ง๐ ?
๐๐๐๐ ๐๐๐๐๐๐ข ๐๐ ๐๐ ๐๐ ๐ข๐๐!
In the early days, when your #bookkeeping requirements are relatively simple and there isnโt the money to #outsource the work to an #accountant, you may choose to take on this task yourself. This can be a worthwhile #decision because in the process of โdoing the booksโ you can learn an awful lot about the #business. Itโll also help you save every penny to #grow your business. There are also some #drawbacks associated with doing your own #bookkeeping โ what would take a #qualified accountant half an hour could take you the best part of an afternoon. At some point the decision about whether to outsource this task will boil down to a simple #time and #cost comparison between the time it takes you to do the job, and the cost of hiring a #specialist. After all, your time does have a #value, and three or four hours away from your business every week is a high #price to pay. Another #disadvantage of maintaining your own #financial records is the risk of #failing to meet all your #legal obligations, simply because you are unaware of what is expected. Then there are the potential costs of missing out on #tax deductions you didnโt realise were available.
For this reason, #EdmilAcccountants provides ๐ฉ๐๐ซ๐ญ ๐ญ๐ข๐ฆ๐ ๐๐ง๐ ๐๐๐ฌ๐ฎ๐๐ฅ ๐ฌ๐ญ๐๐๐๐ข๐ง๐ (๐ฉ๐๐ฒ ๐๐ฌ ๐ฒ๐จ๐ฎ ๐ ๐จ/๐ก๐จ๐ฎ๐ซ๐ฅ๐ฒ ๐๐๐ฌ๐ข๐ฌ) ๐ฌ๐จ๐ฅ๐ฎ๐ญ๐ข๐จ๐ง, with virtual #bookkeepers and #accountants to support your business #growth#growth and #development#development.
Focus on your business and leave your accounting with us!
Get in touch today! ๐ ๐ข๐ซ๐ฌ๐ญ ๐ ๐ก๐จ๐ฎ๐ซ๐ฌ ๐ข๐ฌ ๐๐ซ๐๐ ๐จ๐ ๐๐ก๐๐ซ๐ ๐!
What'sApp: +44 7578 532759