Maintaining accurate accounting records is not only a legal requirement it is also essential to the sustainability of your company. Accurate bookkeeping will better enable you to make informed decisions on expenditure, planning investments and controlling your cash flow. Diligence is crucial and nobody wants to receive an unexpected tax bill which may have been caused by poor accounting practices.
Historically, many companies kept paper records of business transactions. This may initially seem convenient but this practice exposes a company to significant risk if the records are damaged or lost in unforeseen circumstances. Manually recording and calculating transactions is also laborious and consumes time that could be better spent elsewhere within your company.
The benefits of using accounting software to simplify the bookkeeping of a company should not be understated. Not only will accounting software save your company time and money it also has the following benefits:
- Prepare invoices with ease to get paid on time
- Manage your cash flow with software linked to your bank account
- Preparation of Tax Returns is simplified considerably
- Generate Reports for Financial Analysis
- Control your projects costs and expenses
There are many reputable providers that offer accounting software.
Using an Accountant
Most accounting can be completed ‘in-house’. Nevertheless, many companies will often seek the services of an accountant to ease this administrative burden. Accountants can provide far more than simple tax assistance and will often both save your time and find you money. Whether this is by making savings by managing your expenses or by preventing penalties for non-compliance with your filing requirements an accountant can add value to your company.
An accountant will cost money. Not having an accountant may cost a lot more.
For more information on bookkeeping, choosing an accountant or forming a company please contact us.