020 8429 9245

Start Ups / November 27th 2013

Book-keeping

For any small to medium business, book-keeping is often overlooked as it is seen as tedious and time consuming. Although this may be true, businesses should not negate the fact that the need to maintain up-to-date and accurate books/records to save time and complexities when the company year-end arrives. On the lower end of the scale, businesses can operate their book-keeping through purchasing online book-keeping software and following their instructions. Although this is cheap, when you get stuck or may require assistance with how a certain receipt should be treated, there will be limitations as to where you can get help from. On the other end of the scale, you could have no involvement with your book-keeping and send each receipt to a chartered accountant. They then take the receipts and enter this into a document on your behalf. This would however be the most costly option. The middle position would be to maintain a sufficient spread sheet detailing each expense and income (with details such as date, amount, category and description). At the year-end all that would be required would be to pass the spread sheets onto your accountants who will tidy up the records before proceeding with the annual accounts and other statutory documents/reports that your company will be obliged to complete. For more information please contact the accounts team on 020 8429 9245.

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