Do you understand just how important good quality bookkeeping records are for your small business? Let Fox Evans Accountants in Coventry give you 5 good reasons why….
1. In order to check the financial health of your business, you will need to manage your cashflow, and know what money is due in and out at any point in time. Without accurate records it is unlikely you will be able to do this effectively.
2. Monitoring the levels of your profit throughout the year will give you a good indication of how your business is doing, and enable you to adapt promptly.
3. How do you decide how much to charge for your products and services? Do you know what it costs you to produce those products, or to deliver your services? Accurate records of your expenses and costs will allow you to judge whether your sales price and margins are correct.
4. It is a legal requirement to maintain and retain accounting records. HMRC can ask to inspect them at anytime, and this process if far easier if your books are in good order to begin with.
5. The better the quality of the records you keep, the easier it will be for your accountant when producing your year end accounts, therefore saving you in professional fees!
Coming soon, Fox Evans will be offering a FREE business records health check, with personalised recommendations on how you could improve your bookkeeping, so look out for our special offer, exclusive to Best of Coventry Members.
If record keeping is a big drain on your valuable time, please contact us for a free, no obligation fixed price quote for bookkeeping services.
You can always contact Fox Evans Accounts in Coventry for Free unbiased and impartial advice:
Tel: 024 7696 0710
Email us Here
If you would like to ask Fox Evans Accountants a question why not leave a comment below?
Member since: 16th June 2010
I'm a part-time accountant, working 2 days a week for Fox Evans Accountants in Coventry, where my job is mainly helping small local businesses with their bookkeeping, VAT and payroll requirements.