Bookkeeping is critical in any business. Unfortunately, this process is often neglected which has a direct adverse effect on the business.
Bookkeeping involves recording a company’s financial transactions which are the first steps of the accounting process. The whole accounting process involves classifying, reporting and analyzing of data and none of it can take place if there is no organized and accurate bookkeeping.
Here are some reasons why bookkeeping is so important to the health of a business:
- Better financial analysis and management – Cash flow management should take priority, regardless if you are busy or not.
- Easier reporting to investors – data can be easily presented to investors
- Easier business planning – The Balance Sheet and Profit & Loss help to check the financial health of the business and is a good point to start a business plan.
- Abiding by the law – Having organised books makes an audit or an investigation much easier
- Fulfilment of tax obligations –
well keptbooks can also help your tax advisor
Quickbooks, Xero & FreeAgent
Gold Stag Accounts can get you set up on the best bookkeeping system suited to your business and take over the whole process, leaving you more time to grow a healthy business.
We are partnered with Quickbooks, Xero & FreeAgent. All of which are brilliant software providers and are the UK’s top three online accounting software providers.
If you wish to keep a hand in the bookkeeping process we can alternatively provide you with support.
Also, if you are thinking about making the switch from Sage, Spreadsheet or other software we can happily advise you on the process.
Get in touch today for a free initial meeting at our business hub in Bishop’s Stortford, Hertfordshire – Contact Us
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Did you know?
LIMITED COMPANIES: Because there is a difference between the tax rates paid by a limited company and those attracted by an individual, it can be very beneficial to trade as a limited company. The decision to incorporate should, however, only be taken after seeking professional advice.
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