Every business is obliged to keep a record of its transactions; it’s a legal requirement and also helps the owners keep track of how their business is doing. There is no set format for doing that but more and more owners are now using online accounting software such as Quickbooks, Xero and Free Agent. With the government rolling out Making Tax Digital using accounting software will make it easier to file online.
By outsourcing your bookkeeping you get many benefits:
- You can concentrate on your business secure in the knowledge that your records are being kept to date.
- You have more accurate data to help you in decision making
- You only pay for the services you use. Some entrepreneurs prefer to invoice customers themselves but leave the bank reconciliation to someone else. Or maybe you just want someone to produce management accounts.
- You don’t have to spend a lot of time keeping up to date with changes in legislation.
- A professional bookkeeper can help you to claim more of the allowances available to you.