Bookkeeping is the name given to the process of recording your businesses daily transactions, including sales invoices raised, money received into the business, supplier invoices for expenses incurred by the business and money spent. Accounting takes it one step further by providing for transaction known but not yet incurred, calculating taxes due and confirming balances owed, both to and from the business
Bookkeeping is the name given to the process of recording your businesses daily transactions, including sales invoices raised, money received into the business, supplier invoices for expenses incurred by the business and money spent.
If you run a business HMRC expects you to maintain good records, whatever form your business takes – sole trader, partnership, limited company regardless of your VAT registration status.
Your accounting records will form the basis of your tax liability calculation and therefore it is essential that your records are accurate and up to date. Ensuring your records are current will also help you track and chase cash owed to the business, and to understand what your business owes to others.
Maintaining the company books can be time consuming, especially if you have got a bit behind. Bookkeeping should be done regularly – though this can mean different things to different people. It could be daily, weekly, monthly, or quarterly, but we recommend that it should be done on a daily or weekly basis. There are a number of software packages available that can help you keep your accounting records in order. If you aren’t sure where to start looking, get in touch and we can talk you through them.
Keeping as up to date as possible with your record keeping can help to reduce errors, confusion, and stress. Some of our top tips on keeping accounting records include:
Benefits of having up-to-date records allow up-to-date performance reviews and benchmarking.
If you are currently behind on your accounting record keeping, speak to our team today. We provide a clean up service where we can step in as your bookkeeper, and get your records up to date ready for ongoing maintenance.
Keeping a track of all this can be confusing, but WR Partners are here to help. Whether you want to keep your own records or outsource the process to an expert, we can guide you through the process so that you are confident in keeping your books in order.
We love meeting new, exciting businesses. Get in touch with our team to see how we could enhance and protect your financial position.
Or if you’d prefer to speak to someone directly just give us a call on: 08000 664 664 or email: hello@wrpartners.co.uk.
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