Why does a business need bookkeeping?

Every business is legally obligated to keep thorough records of all their transactions, this could include records of expenses, sales and purchases.  If a business does not comply with this, it could be fined up to £3,000 by HMRC as well as having additional money to pay if an incorrect tax return was filed.

While paying for a bookkeeping service might cost you something in the short term, in the long run it could save you money!

You may be an expert in the business you are running but not an expert in how to run a business.

Keeping good records is essential and will help you and your business flourish and acquiring a bookkeeping service can assist with this.  You will be up to date with how your business is doing for example how much is owed by customers and suppliers as well profit and cash available.


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