Whether you’re self-employed or running a Limited Company you need to keep adequate business records.
There are no rules on how you must keep records. You can keep them on paper, digitally or as part of a software program (like book-keeping software).
HMRC can charge you a penalty if your records aren’t accurate, complete and readable. HMRC may check your records to make sure you’re paying the right amount of tax.
Based upon the size and type of your business we can advise you on the most suitable and cost effective bookkeeping system.
For small businesses with few transactions we could help you set up a simple columnised book or spreadsheet.
For business with a larger number of transactions we could help you set up a cloud accounting system, there are several different benefits in doing this including;
- automatically import and categorise your latest bank transactions, simply click OK to reconcile,
- quotes (create and manage quotes and easily turn them into invoices when the work is done),
- online invoicing (invoice on the go anywhere, anytime),
- mobile access (log in online any time and see up-to-date business financials – from anywhere),
- dashboard (see all your bank balances, invoices, bills and expense claims at a glance and add new transactions with a click),
- smart business reports (view and share interactive reports and budgets in real-time – no waiting until the end of the month),
- free and automatic updates,
- unlimited number of users.
We have partnered up with Xero who are a market leader in cloud accounting.