There are three main reasons to keep good records; to meet tax requirements, to keep your accountancy fees down and to manage and control your business effectively.
Accurate bookkeeping will help you identify:
- Your cashflow position in order to help you plan ahead and meet your obligations;
- Whether your expenses are in proportion to your income;
- Which products/clients are most/least profitable;
- Whether your business is growing or shrinking!
At McPhersons, we spend time with our clients to set up a robust system. This free service makes our work more efficient and gives our clients peace of mind. We are experts using a range of software including Sage, Xero and Quickbooks.