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Are you a last-minute person when it comes to updating your business records? Well, lets look at your system. I have found some people think they need to have a computerised system.
For the small business person, the good news is that there is a way of your bookkeeping “doing itself”.
The end goal of bookkeeping is getting a list of Sales (money coming in) and a list of expenses (money paid out).
You can see that your business bank statements will be a full record of your accounts all in one place, nice and tidy. All your sales and expenses will be paid directly into this business account, this produces a list for you. Sticking to using the correct bank account, means you will not miss any expenses (keeping your tax correctly lower). It will record payments by for incidental items such as travel or stationery or payment made for internet items.
There is a large selection of software, some pricy and some free.
I like one called Quickfile. It has all the features of major software such as invoicing, banking and statements etc but is free to a small business (less than 1000 transactions) and for the bigger business, it is £45 per year. That’s really good value.
Have any questions about your business accounts
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