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The important of bookkeeping systems cannot be emphasized strongly enough. How many times have you been into a business or rang them up and ask them for information and they can’t put their hands on the piece of paper work in question. Good bookkeeping systems mean you can always find documents that you are after. Never again will you ever be wondering: Where is that bank statement? What did I do with that invoice? I’m sure we have already paid that supplier bill! I need to send a copy of that invoice to the customer - Where is it? How can I find it?!
VAT RETURNS
Good bookkeeping system means that you are never running around like a headless chicken. Bookkeeping systems become ever so important particularly when there are statuary requirements to be submitted. Often your VAT returns are on the basis of the records you’ve kept and you are only going to be able to find those records if you have good bookkeeping systems and your records are in order.
PAYROLL
Likewise whether you are running a payroll or wages system every week or every month you need to have good bookkeeping systems in place so that your timesheets are in order and so that you can find the correct amount to pay your employees. In addition, you have to make a payment to the Inland Revenue for their national insurance and the tax money - so you need good bookkeeping systems in place to be able to do that as well. All businesses are simply a collection of systems. Good systems: Think McDonalds. You should run your business relying on systems, not people. McDonalds have successfully operated their restaurant business – on systems which teenagers can manage – and they’ve done it extremely profitably.
SYSTEMS
Business should have a system for the marketing, a system for the operations side of things (processes) and a system for the finance. The bookkeeping is a part of the finance system. At the year-end, the data is collected by the accountant and a profit and loss account and a balance sheet is produced. If your books and records are in good order it makes the job and life of the accountant a lot easier and the only way your books will be in order is if you have a good bookkeeping system in place. So a bookkeeping system will help you in long run to save time and to save money. Its very important if you were ever to be VAT inspected, that they can check back up to 6 or 7 years into your records. If everything has got a home and has got a place and its in order you should be able to sleep comfortably at night knowing that your books, your records your business - is in good financial shape. The systems you have in place, will flag up warning signs when people owe you a lot of money so that the situation doesn’t get out of hand.
At Boogles Ltd, as bookkeepers – we love bookkeeping systems. If you want a hand putting your systems in place, please contact us: www.boogles.co.uk
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