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 it’s actually quite manageable.
𝐒𝐡𝐨𝐮𝐥𝐝 𝐲𝐨𝐮 𝐝𝐨 𝐲𝐨𝐮𝐫 𝐨𝐰𝐧 𝐬𝐦𝐚𝐥𝐥 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐛𝐨𝐨𝐤𝐤𝐞𝐞𝐩𝐢𝐧𝐠?
𝚃𝚑𝚊𝚝 𝚛𝚎𝚊𝚕𝚕𝚢 𝚒𝚜 𝚞𝚙 𝚝𝚘 𝚢𝚘𝚞!
In the early days, when your #bookkeeping requirements are relatively simple and there isn’t 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 ‘doing the books’ you can learn an awful lot about the #business. It’ll also help you save every penny to #grow your business. There are also some #drawbacks associated with doing your own #bookkeeping – 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 didn’t realise were available.
For this reason, #EdmilAcccountants provides 𝐩𝐚𝐫𝐭 𝐭𝐢𝐦𝐞 𝐚𝐧𝐝 𝐜𝐚𝐬𝐮𝐚𝐥 𝐬𝐭𝐚𝐟𝐟𝐢𝐧𝐠 (𝐩𝐚𝐲 𝐚𝐬 𝐲𝐨𝐮 𝐠𝐨/𝐡𝐨𝐮𝐫𝐥𝐲 𝐛𝐚𝐬𝐢𝐬) 𝐬𝐨𝐥𝐮𝐭𝐢𝐨𝐧, with virtual #bookkeepers and #accountants to support your business #growth and #development.
Focus on your business and leave your accounting with us!
Get in touch today! 𝐅𝐢𝐫𝐬𝐭 𝟐 𝐡𝐨𝐮𝐫𝐬 𝐢𝐬 𝐟𝐫𝐞𝐞 𝐨𝐟 𝐜𝐡𝐚𝐫𝐠𝐞!
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