To make sure you’re doing everything right from a legal point of view and reducing your risk of being fined.If you’re business is still small, bookkeeping should be your first priority for two reasons: That being said, you might not need to do this just yet. There is a lot more that goes into this, which is why you should collaborate with a certified accountant to make the most of your financial data. This helps you understand the financial health and performance of your business. You need to do some bookkeeping practices by law, and accuracy is essential for paying the right amount of tax to HMRC each year.Īccounting is the process of interpreting financial data and creating reports and forecasts This involves collecting and storing financial information such as receipts, invoices and bank statements. You’ll need to know the difference, because accounting is not something you can really tackle all by yourself (though you’ll still need high involvement in it).īookkeeping is the process of recording all the money that goes in and out of your business Using “bookkeeping” and “accounting” interchangeably is common, but the two terms do have different meanings. Which software features to look out for.With the right approach and tools, you can make sure all aspects of bookkeeping when it comes to your small business are meticulously taken care of, without feeling stressed or sacrificing too many hours each month. You also probably find it a bit of a chore, since you didn’t start your business to search through boxes of receipts, enter data into spreadsheets, or read through bank statements at eleven o’clock at night.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |