Tax returns, VAT and payroll can be difficult to understand but as the business owner, one of the most important financial obligations you should aim to come to grips with is bookkeeping.

1. The Basics of
Bookkeeping

2. The Basics of Bookkeeping
For start-up and SME business owners it is important
that there is a good, solid understanding of finances.
From your outgoing expenses to payroll and VAT,
business finance is complex but by carefully
managing and understanding each area you have
a better chance of ensuring that your business is less
likely to struggle and instead continues to grow.
Solid financial management is an important part of
any business, however understanding it all can be
somewhat overwhelming. As a result it is no surprise
that many choose to outsource to specialist financial
experts.

3. Balancing the Books in
Business
Hiring an accountant or outsourcing is a great
solution and can ensure that your finances are
in the best of hands. However, it is important
that as the business owner you do not forego
complete understanding and responsibility
after-all this is your business.
Tax returns, VAT and payroll can be difficult to
understand but as the business owner, one of
the most important financial obligations you
should aim to come to grips with is
bookkeeping.

4. Not sure what you need to
know?
 Bookkeeping is the process of maintaining detailed
financial records.
 Bookkeeping is a legal requirement enforced by HMRC.
 HMRC can inspect any business at any time which is why
records should be regularly updated.
 Bookkeeping includes recorded all business incoming and
outgoing finances, cash expenses and any other business
expenses that may include property rent and payroll.
 All details must be recorded accurately and in a standard
approved by the HMRC.

5. How can bookkeeping boost
business?
Bookkeeping is a fantastic way to keep on track of business
finances and by doing so, not only are you ensuring your
business does not face any legal action by HMRC you are
giving yourself the best chance of growth.
Well it is actually quite simple; by recording every financial
move your business makes you can catch any problems
before they develop.
From something that may be costing your business too much
to a charge that appears to be getting bigger with every
month, with bookkeeping you can keep a close eye on
exactly what is happening. From cutting costs to chasing up
invoices, with accurate books you have a far better chance
of keeping your business sailing towards success.

6. Loosing financial control should never be an
option whatever your business which is why
bookkeeping is of great importance.
Whether you outsource or attempt to do it
in-house; are you managing the books
correctly?

7. Find out more
Find out more about Green Fairy and what
we do at our website:
http://www.greenfairyuk.co.uk/