Every business has financial records, and will know that successful business accounting needs successful bookkeeping procedures to back it up. Maintaining your financial records can be a difficult process, and obtaining the data and information needed by HMRC can be a lengthy and unwieldy task.
Bookkeeping is traditionally done by a book-keeper. The kinds of information they will typically be required to maintain are purchases, sales, receipts, payments bank, cash and assets. There may be more depending on your business. Monitoring and recording these records is not an easy job – and is one that’s hard to get right.
Unsuccessful or inaccurate book-keeping can have a negative impact on your business, as well as your time.
Benefits of bookkeeping
The benefits of keeping your books efficiently are endless. The law requires you to keep and provide a truly reflective record of your business financially. From tracking your expenses to paying the correct taxes, experienced business people will know that immaculate book-keeping ultimately brings the best rewards, both organisationally and for official purposes.
Keeping records for HMRC
The Law, which is governed and implemented by HMRC, requires those submitting tax returns to keep all of the records and documents you need to demonstrate correct figures. There may be penalties if your records are inaccurate or incomplete. In addition to this, as a general guide, records must be kept for at least six years, although there are some exceptions.
Bookkeeping with Shahidullah & Co
We can help you with book-keeping. As good book-keeping aids accounting procedures we are very interested in how your books are maintained. We are also committed to providing regular reports for management and decision-making purposes if you require them. We have professional book-keepers who can either visit you regularly in person, or be available online for you via the use of secure shared files, for the maintenance of your records. We can come to agreed terms and we will be flexible to your needs.
It is important that you can integrate technology systems into your business accounting, and that your software is kept up-to-date. We have a keen interest in helping you improve your software infrastructure.
Being accountants, we have good core knowledge of efficient and accurate ways of keeping your records. This includes thorough knowledge of software – including its development and advances. At Shahidullah & Co. we can help suggest the right software for your business, or even build a tailor-made package specifically for you. Contact us for more information on how our software services can improve your business performance.