AAT Licensed Accountant

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Should I bother with regular bookkeeping?

There are lots of reasons why regular bookkeeping is important. We understand that generating income is the most important thing to you and this can sometimes lead to paperwork being neglected and a whole load of stress for business owners.

So why is it important to keep on top of it?
It can be very easy to run up to the VAT threshold, without keeping a tab on your rolling 12 month sales total, it is impossible to see when you should have registered for VAT. This alone can create a time consuming problem.

If you are already VAT registered, at the very least you need to doing all of your paperwork quarterly. Leaving it can result in fines, which are very avoidable. Bookkeeping more regularly can let you tack how much VAT is due each month and this can help with your cash management.

Stop the panic
The paperwork is piling up in the corner and it’s job that you know needs doing, but there’s no time. Doing a little each day or week can really stop it being stressful. Lots of our clients come to us with a big backlog of work and they feel very relieved when it is up to date.

Spread the cost
Instead of leaving your books to tax return season, why not do them monthly or outsource to someone to do them monthly, instead of a big bill at self assessment time, you would have paid for most of the work to be done already.

You’re not sure if you can afford a new piece of equipment
By looking at your in-comings and outgoings you can get a much better picture of how your business is doing and if you can afford that new PC you’ve had your eye on.

You always chase your clients weeks after they have had the goods or service
Regular bookkeeping tracks who owes you and how late it is, an aged debtors report can show you who owes you what and instead of waiting until the end of the month, you can chase a lot earlier and get the money in, that is needed to run your business.

If you simply don’t have time to do your own books and would like to outsource your bookkeeping, we can help. We offer our bookkeeping service to businesses throughout Cornwall, whether a sole trader, partnership or limited company, we can provide support to your business and give you peace of mind that the paperwork has been taken care of.

The information featured in this article is for guidance only, no liability is accepted for the opinions it contains.

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