Good bookkeeping is essential for your business

Accurately recording your business’ transactions on a regular basis will help you look after its financial health. A solid understanding of how much money is coming in and going out of the business is essential for decision making!

As a sole trader or a business partner, you’re also required to tell HMRC about your earnings. HMRC use this information to calculate how much tax you owe, so it’s important that figures are accurate. Good bookkeeping records are a big help when preparing accounts and tax returns.

Set yourself on the right path to error free bookkeeping records. If you’re a sole trader or a business partnership that needs some bookkeeping advice, then this video is for you!

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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