An introduction to bookkeeping for sole traders, limited companies, and small businesses

Bookkeeping is the process of keeping records of the transactions in your business. Some businesses use bookkeepers to manage their bookkeeping for them, or you can choose to do it yourself.

How is bookkeeping useful for a business?

Keeping financial records is a requirement if you run a business, but this information can help you in other ways, too. You’ll have the data you need to prepare your accounts and tax returns more easily, and thorough bookkeeping records will help make sure you claim any allowable expenses.

Accurate and regular bookkeeping also helps businesses manage their finances more effectively, so they can be more efficient, without overspending.