Bookkeeping for Self-employed and Sole-traders
Sole traders and self-employed entrepreneurs have many tasks, to-do lists are long, business life can be very busy. Keeping your financial records is just one more task for you to perform, something else to fit into your busy schedule. Doing your accounts is not only important because you are legally required to and you need the information for your tax return but is very helpful, often vital, to run a successful business. Being in control of your finances is more than watching your bank balance, it is knowing what should be coming in and out, are you being paid on time, have you forgot to pay a bill, do you have all the paperwork, is everything included that can be set against your income to reduce your tax bill. Independent business people need up-to-date regular financial information to run their day-to-day lives and plan for the future.
This is why many self-employed people use a bookkeeper, it is one job less for you to do, you can enjoy the benefits of having someone to discuss your business with, as well as having accurate up-to-date accounts. At year end you will have the required figures to fill in their self-assessment or someone to liaise with your accountant.