Why does a business need bookkeeping?

Every business has a legal obligation to keep records of their transactions. There is no set format that must be adhered to but at the very least records of all sales, expenses and purchases should be kept.

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Unfortunately if a business fails to keep adequate records then they can be fined by government along with an additional tax bill if the inadequate records resulted in an incorrect tax return being filed.

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Aside from the obligations, keeping good records is an essential part of running a successful business. When good records are kept the business owner knows at any given time, how much is owed from customers, how much is owed to suppliers, how profitable the business is and how much cash is available. This means better decision making can be made and improvements in cash flow and profitability can be made if necessary.

 

Why outsource your bookkeeping?

Outsourcing your bookkeeping to professionals not only removes one of the biggest headaches involved with managing a companies financial affairs, but also offers a multitude of benefits such as:

• The most appropriate bookkeeping system being used. We will review your business type, circumstances and requirements and then select the best bookkeeping software package to suit. For the majority of our clients our very own cloud based software, Quick Books, is the perfect choice.

• Peace of mind. As a full accountancy practice, our clerks have many years bookkeeping experience to ensure fast and accurate data entry, resulting in a correct and complete set of accounts and tax return at the end of the financial period. 

• Tax savings. As we complete your bookkeeping your dedicated payroll clerk will constantly be looking for any potential efficiencies which may result in less tax being owed to Government. Spotting these inefficiencies and making changes early on can result in significant savings for you.