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How do limited companies manage their bookkeeping?

Put simply bookkeeping involves keeping a record of your business transactions, including all income, expenses, and any loans. If you operate your business as a limited company, having up-to-date bookkeeping records will help you make sure the business stays in great financial shape.

Maintaining accurate bookkeeping records is essential, because this information is used to prepare your annual accounts and tax returns. These are submitted to HMRC so that they know how much tax you owe. It also means you can keep track of your profit and cash flow, helping you to make better, more informed business decisions.

What bookkeeping records should a limited company keep?

Limited companies are required to keep double entry bookkeeping records. This basically means that all transactions are recorded with their opposite entry, which we explain in the guide!

HMRC are rolling out a new tax system called Making Tax Digital, which requires businesses to keep digital bookkeeping records. The new rules are coming into force in stages, but getting a head start on the keeping your records digitally can’t hurt!

Visit our MTD information hub, read the bookkeeping information guide, or discover our accounting services for limited companies, including our very own digital accounting software, Pandle.

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

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No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
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Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.