BOOKKEEPING

You can opt to do your own bookkeeping on the assumption that you will save money by not paying an accountant, but this is usually not the case. Bookkeeping takes longer when done by someone who is not a fully qualified accounts expert and mistakes can be made that will end up costing more time and money to rectify, especially when the year-end accounts are being prepared.

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As well as being time-consuming to undertake bookkeeping yourself, you may not be aware of all the HMRC requirements or any changes that take place in relation to tax obligations. For example, changes such as introducing the Making Tax Digital initiative require businesses to digitalise their tax administration, which will be a challenge for many companies.

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Bookkeeping requires precision and a focus on detail, but it is now increasingly important that bookkeepers have good technical skills and knowledge, so that they can use the most efficient software solutions and tools for effective bookkeeping.