Bookkeeping is a key part of accounting. While it’s integral for many large businesses, it’s also an important part of accounting for freelancers and start-ups. There are many pitfalls and issues that can occur from this important part of accounting, but today you’ll be able to find out how to avoid these issues.
What is bookkeeping?
Bookkeeping is the way that all of your business transactions are recorded. This includes invoices, expenses and then calculating and paying tax on these. It’s important that everything is recorded and worked on efficiently and correctly, as any discrepancies could cause issues with HMRC. This is so important for businesses, as shown by the statistics. Bookkeeping has a market size of £3bn, with over ~4800 businesses involved.
Typically, it can be very strenuous to do your own bookkeeping. On the HMRC website, there are more than 100 pages of guidance for expenses alone. Most do not have the time to read all of these pages, making accounting for freelancers and start-ups quite difficult. In addition to this, bookkeeping can be a very time-consuming process, meaning that if you are doing it yourself you could lose out on a lot of potential revenue.
How we can help
You might feel as if you could be overlooked due to your size. Accounting for freelancers and start-ups can seem very daunting, especially if you are doing it for the first time. Or, perhaps you’re a freelancer or start-up that has had a bad experience with their accounting services in the past. Regardless, we’re here to help give you the highest quality services possible.
At Carrington Blake Accountancy, we pride ourselves on our quick and worry-free accounting services. We aim to take care of your bookkeeping so that you can focus on your business. If you’d like to learn more about our services, contact us or email us at firstname.lastname@example.org