Good Bookkeeping will Make Your Accounts Preparation Easier

Good bookkeeping makes your paperwork comprehensive and will make it easier for your accountants to do VAT and tax returns. Bookkeeping records gives you an idea as to exactly what is going on in the business. Whether you use a manual or computer based system for bookkeeping the same principles apply. A traditional paper-based system will rarely be suitable for many start-up businesses as the accounting function will soon start to consume valuable time. If you start with computerised accounts, there will be no need to go through the time-consuming process of transferring your paperwork onto a computer package. When thinking about the bookkeeping process of your business, you need to focus your attention on the following 03 areas.

  • How to record business income and payments.
  • How to use your bank statement to check that you have not made any mistakes
  • Tips for cash businesses such as shops

You have to record all the money coming into and out of your business, both to keep track of your cash flow and for your tax records. An HM Revenue & Customs penalty regime is in force which requires you to take extra care on businesses, reinforcing the need for good tax records.

If you need any help with your bookkeeping contact KVS Accountants. We act as bookkeepers for many small businesses in West Kensington, Earls Court, Fulham, Chelsea, Battersea, Roehampton, Wimbledon and Hammersmith

 

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