These questions are answered by having your books up to date and then also being able to use the figures to give you answers. Most businesses record their transactions in software now, but you need to know how to set the software up and how to use the reports. Putting the numbers in can sometimes feel like that they are lost from view when you press save…This is because entering figures is only one part of the job.
The right reports will answer the questions you have about how best to manage your own business. In most software packages, you tailor reports to tell you what you want. Do you want to look at months or quarters? Do you want to look at all the figures or just the key ones? The reports need to be set up to answer your needs.
Leaving the books to be reviewed once a year by the accountant also has the added nightmare of having to answer questions about something that happened over a year ago when the accountant asks. If the books are updated each week or month, you are never having to look back and try and remember what you were doing with the business at the time you paid for something.
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We have been a client of BW Bookkeeping since 2017 and rely on them for a range of services. They helped us change from a sole trader to a limited company and handle all our banking and VAT.
Mason Grab Hire Ltd, Aston Clinton
I learned more about how to direct my business in 20 minutes talking to Jen than in 4 years of meetings with my accountant.
Rob L, Aston Clinton
It was an experiment but BW has done my end of year tax return for 2 years now. Makes it all very easy and answers any questions. Takes all the stress out of my tax return so I can concentrate on my business.
Jaqueline Parkinson, Harpenden