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Learn to keep your own books, and set up your own manual accounting system for your small business. It’s important to your business, and to your family. Your business is your livelihood. You need to know if customers have paid. You need to know if you made money on a job or not.
You are legally required to keep financial records. Discover how to keep your ‘books’ and the options for electronic or manual bookkeeping. It helps to understand the taxes likely to affect your business, and have systems to help you comply with your obligations. Read our tax overview. Accountants.
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Five top tips for doing your own books | Start Up Donut – Start keeping financial records from the off. As soon as you set up your business, start recording your all costs and sales you make. In fact, you may incur costs before you start up. These can still be deducted from your profits, which will reduce your tax liability. Start recording everything from day one,
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Bookkeeping refers mainly to the record-keeping aspects of accounting. Bookkeeping is essentially the accounting process (some would say the drudgery) of recording all the information regarding the transactions and financial activities of a business. What follows is a basic overview of what bookkeeping for a small business entails: Prepare source documents for all transactions, operations, [.]
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