Every business needs to keep a record of their income and expenditure. This is called bookkeeping in the accounting world. As soon as you have the intention to start working for yourself, you should keep paper records of every financial transaction.
Many people overlook the importance of bookkeeping until they start receiving demands from HMRC for tax returns. They then start to panic and hand everything over to an accountant, who at this vulnerable time usually charges very high fees to meet your deadlines.
This can be avoided by hiring a bookkeeper who will manage your record keeping for you on a monthly basis and notify you of any issues that may arise.
Here at Ace Bussiness Solutions, not only do we carry out your bookkeeping but we are also able to submit your tax returns on your behalf.
It is necessary for a business to have satisfactory bookkeeping records. Many business owners do not know what is deemed as satisfactory and therefore hire the services of a professional bookkeeper.
A business can be inspected at any time by HMRC to make sure that they are keeping adequate records, and by not doing so it is possible to receive hefty fines as wrong inaccurate bookkeeping leads to inaccurate tax returns.
Bookkeeping is not only important for the tax man, but it is also important to be able to monitor the performance of your business, so that you know on a monthly basis what is making you profit or why you are making losses.
We keep records of your income and expenditure throughout the year giving you monthly breakdowns of your bookkeeping records. You can also use this information to monitor your business performance and we use this information to submit your tax returns.
Every month we will collect your documents from you, update our systems, and return your paperwork to you with a summary. We are then able to analyse your summaries and discuss factors which can help in the development and growth of your business.