“I was always taught that book keeping was more relevant than book reading. The only thing worth reading was meant to be a balance sheet.” – Ashwin Sanghi
Keeping accurate bookkeeping records is absolutely essential to comply with the law and to keep peace of mind – but knowing your numbers and recording your numbers accurately is a business discipline that strong businesses practice constantly.
There are numerous software packages available, both online (cloud) based and installable versions, to allow a good dose of self-reliance allowing the new business owner to do their own bookkeeping. There are also freelance bookkeepers and accountants that offer their services for a fee.
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It is vital though that self-help does not reflect ‘amateur’ … if you do not keep good records then VAT, tax and even payments (from customers and to suppliers) will become problematical. If you don’t have the self-discipline then let an expert help you.
Have a system for keeping records as you go, catching up retrospectively is a nightmare. We strongly recommend the merits of employing a professional to help with your bookkeeping as the time they save you can be investing back into your business.