Bookkeeping refers to the recording of the basic transactions undertaken by a business, which will typically be the sales and purchases of the business. An important part of bookkeeping is the reconciliation process to ensure that entries have been made correctly and that items are recorded in the correct way, and for the correct amounts.

 

All businesses are required to keep accurate records of their transaction for both tax and VAT purposes. As a result, good bookkeeping practices will benefit the business to manage and control your finances, plan for future growth and ensure that your accounts are completed more efficiently and effectively, which should in turn avoid late filing penalties.