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The Increasing Importance of Bookkeeping

Posted 29 Feb 16

Although at first our clients dread to discuss the topic of bookkeeping with us, they very quickly become fascinated by how life-changing this simple task can be to the development of their business.

One of the most common mistakes company directors make is postponing the process of filing and managing business accounts. Once you start delaying basic administrative duties, they will pile up until they become overwhelming and intrusive to your day-to-day routine.

HMRC reported that every year it receives around 500,000 online returns on the January 31st, the Self-Assessment deadline. However, it is too risky to rely on HMRC servers and giving in to the habit of last moment submission will eventually result in negative consequences. Furthermore, leaving your business accounts until the very last moment gives you no opportunity to look through them to ensure they are filled in a correct way. Any mistake can lead to penalty fines from HMRC.

Business owners, whether they be freelancers, contractors or small companies, tend to find the administrative responsibilities of running a business a distraction from their work. We agree that the task can be overwhelming and tiresome, especially for a small, one-person Company, however, it does not mean you can avoid completing it. Usually it is advised that you spend half a day each week to keep on top of your bookkeeping, however, it can depend on the level of complexity of your business transactions, as well as your experience in doing your books.

Most company owners decide to hire the services of someone who can look after their accounts and do their tax. At Tawanda Accountants, we are contacted by new clients every day who later express their amazement as to how much their business has grown since they could negate the hassle of doing their bookkeeping themselves. We offer our clients a complete accountancy and bookkeeping service, which offers them unlimited access to professional help and advice from our qualified and experience accountants. We recognise both the increasing importance of good bookkeeping for the success of limited companies and the effort and time it takes to develop your business in the direction of your dreams. By letting us take care of your taxes, you allow yourself more time to focus on these factors which made you decide to run your own business in the first place. Contact us today to find out how we can help you better your business.