Almost everyone does Bookkeeping
Bookkeeping is something that every sole-trader and business must do in order to effectively manage their business finances and to meet statutory requirements.
A soletrader or business, is required to keep a record of income and expenditure.
This includes recording of VAT transactions (if VAT registered), payroll and personal income.
To manage business finances, some use:
- pen and paper
- computer spreadsheets
- online accounting software.
In the simplest form, this is ‘Bookkeeping’. Compiling and managing business finances.
Is it really that simple?
When navigating the world of ‘Bookkeeping’, there are many terms which are commonly used within the finance industry.
For the next 50 DAYS, explore this (A to Z) guide to Bookkeeping terms.
So without wasting any time let’s get started.