What is Bookkeeping?
Bookkeeping is the process of formally recording day to day financial transactions in your business.
Why is Bookkeeping Important?
What does a Bookkeeper do?
The main objective of the Bookkeeper is to keep accurate records.
A Bookkeeper could also do the following:
Process the monthly payroll for employees and submit RTI to HMRC
Make the monthly HMRC PAYE/NI payments
Prepare and submit quarterly VAT returns
Generate/Prepare reports such as aged debtors and aged creditors report
Preparing year end accounts/reports/paperwork for auditor
Finalise payroll year end and submit to HMRC
If you need a bookkeeping, VAT, payroll, or management report services, we in Bookkeeping & Payroll Aid Ltd are available to help you. Our aim is to enable you fulfil your statutory obligations and enable you make your business better, at a fee you can afford.
We are also available to complete Self -assessment tax returns for the self-employed as well.
Book keeping in your Business – Your Personal Guide
As you commence on your business, your major priority is to run the business. If care is not taken, you may realise after some time that receipts are lost, and you have no documents to prove the business expense.
REMEMBER: If you have an expense without a receipt, it may be disallowed by the taxman.
What you need to do to keep your bookkeeper, your accountant and the tax office happy:
As a starting point:
Behind these, file copies of invoices you have sent and then your bills.
After the bills, file loose receipts. Staple the receipts to a blank piece of paper chronologically. Hole punch this sheet of paper and file it (Use more sheets of paper if required).
Adhering to the three steps above, makes it easier to prepare accounts and statutory returns for your business.
-Have a separate bank account for your business.
Collect receipts for every business expense.