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By : Giorine Lavmayt
Submitted 2011-03-21 15:04:00 Holding accurate business records is essential for any business as it provides the owner with useful info on how the business is doing. As a small business possessor there are two options available to you,[link widoczny dla zalogowanych], to do your books yourself or maybe to hand them over to an accountant. The option certainly hinges on a number of different factors:
Firstly, there's the question of affordability. If you might do to pay a bookkeeper to hold the bookkeeping records up to date, then that is the best choice for you. Not only will you get exact accounts however taxation, VAT and end of year returns might be filed at the appropriate time with less opportunity of late penalty charges. You also have the benefit of having more time to concentrate on other factors of the business.
The other option is to start holding your personal accounting records and for this you are going to require to invest in a computerised bookkeeping package. Technological progress has brought lots of advantages in its wake and the accounting area is no exclusion. For nearly all businesses the days of the manual bookkeeping system are gone when equipped with a calculator and a good set of eyes you outlaid hours totalling up all the daily business expenses. Over the years we have seen a lot of computerised bookkeeping packages introduced which have made life much easier for business owners.
These days, in result of computerised accounting packages, the major part of small business holders might do their accounts themselves. The key is to input the appropriate information on the system to get exact reports on the business performance. Besides that,[link widoczny dla zalogowanych], most accounting packages come with telephone and email support to help with troubles that can appear and there is also the facility of filing returns like VAT, Tax Returns and PAYE online.
The cost to the business will be the first setting up of the system and the coaching that will be needed. It is worthwhile to have back up support for which you pay an annual or perhaps a monthly fee but it is worth having this as it assists you with any questions that could come up.
There are many different accounting options you can choose based on the size of your business and the kind of business set up you run. It also hinges on what reports you'd like to see at the end of an accounting period. Some little home businesses require a plain book keeping package which gives the option to enter sales, buys, bank and money transactions and expenses that the business incurs daily. This can be downloaded from the internet and is quite acceptable to use as long as it is certified by the ICB (Institution of Endorsed Book-keepers).
Different businesses might require a more detailed accounting system which includes stock control, credit control and payroll features. There are accounting packages which can in addition supply you with standardised business stationery for which you might also need a reconcilable printer. Some famous accounting packages are QuickBooks, MYOB, Access, Sage Instant or Sage Line 50 which range from the basic package to a more comprehensive one depending on your business demands.
Deciding to computerise your manual accounting system will be a wise resolution and one which you will not regret as it is going to make your record holding simpler, quicker and more efficient as it minimises the danger of human error. Additionally,[link widoczny dla zalogowanych], you save both time and funds by doing a lot of the work yourself rather than paying an accountant. But before you choose on any package, do the study and make out definitely which one is certified and will acceptably complete the company requirements. There is detailed info provided on the World Wide Web, by phone and through the post to help you make the appropriate option.
Whatsoever the decision, do not underestimate the importance of holding great records for the business, regardless of how small its size. If you use an Excel spreadsheet to hold records of the cashflow and expenditure or use a more sophisticated accounting package, it will be time well spent. And if you run a small home business do not forget to hold receipts of all business costs sustained; they are going to all be useful when you do the Self Assessment at the end of the financial period. Great record keeping is essential in event of any Inland Revenue checks or audits.