Thomasq | Mar 12, 2018

Value of good bookkeeping

Bookkeeping advantages

·         Keep track of money owed to the business on a day-to-day basis

·         Bank reconciliations easy and accurate – limits banking errors

·         Reports can be generated at any point in time

·         With cloud/app packages such as Xero and QuickBooks all the data you need can be at the touch of your fingertips.

·         Monthly, weekly or even daily bookkeeping will make tasks such as VAT Returns, Payroll and producing Company Accounts a much easier task as any queries would have been cleared up each month.


Simple Do’s and Don’ts


·         Keep receipts

·         Store paperwork safely

·         Keep an eye on turnover (if you reach £85,000 (as at 2017/18) you will need to register for VAT)

·         Check your bank statements for discrepancies

·         Use good bookkeeping software or hire a bookkeeper



·         Get behind on bookkeeping

·         Mix up personal expenses with business

·         Throw anything away

·         Assume your bookkeeper knows the background on all transactions

·         Get behind on bookkeeping – leaving piles of paperwork and invoices laying around will make it more likely that invoices are lost and not accounted.