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Bookkeeping Basics

It s easy to struggle with everyday finances, but with the correct bookkeeping skills, this shouldn t be a problem. There are several essentials that every business should include when completing your bookkeeping to make sure there are no longer any struggles
Roger Hatherall & Co can help every business with specialist bookkeeping services to organise and record your finances effectively.

Record Every Transaction

As a business owner, you may not think every detail is so important and that some transaction can be easily missed without any harm being done. However, this is not the case, and you should always record every financial incoming and outgoing that occurs within your business.

Whether it could make a difference to tax payments to the HMRC or your end of year accounts, every detail should be considered. This gives you the best overview to create an accurate financial report of your year. The only way to ensure your final revenue and expenditure values are correct is to record every transaction the business has throughout the year.

No matter how money has been spent or generated, keeping these details recorded and having them easily accessible could save you money in the long-term.

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Regular Reviews

Having a regular assessment of how your business is performing and the financial condition of your business can benefit you massively. Finances can easily become unorganised if they are not monitored closely and having an actual meeting to discuss finances will give you an accurate idea of your business performance.

If you notice any unusual transactions or that revenue needs to increase quickly, these reviews can help you identify problems and solutions, without letting time pass by without any action. Not only will this help you maintain a strong cash flow but will also reduce your regular costs where you spend too much money.

Prepare For Tax Returns

Tax returns are an integral part of every business and the longer you wait to complete tax returns, the more it could cost your business. Organising tax returns early by having your finances constantly monitored will ensure tax returns can be completed on time and you will completely avoid the chances of being fined for incorrect or late taxes.

Bookkeeping will mean all finances have already been accounted for and that you have kept a record of all the transactions within your business. Making accurate tax returns is a lot easier when you already have access to your finances, rather than making estimates from transactions from previous months.

Bookkeeping effectively will ensure you can meet all deadlines, not just tax payments. However, this will give you a better understanding of tax returns and ensure your forms are filled in correctly with no risk of a fine coming your way.

Bookkeeping Software

One of the essential tips when bookkeeping for your business is to use the correct software recording any transactions whatsoever. By having the correct software, you give yourself the best chance of keeping finances accurate and ensuring your business performance is the standard you expect.

Alternatively, outsourcing your finances and bookkeeping can guarantee errors are not made, deadlines are met and your bookkeeping is completed perfectly. Whether you require assistance using bookkeeping software or would prefer to save time on these tasks, outsourcing to professional bookkeepers could save your business money.