What is bookkeeping and do I need it?

Answer

Bookkeeping is the process of classifying all of your business' transactions into their appropriate accounting categories and reconciling these transactions to evidence (tidy record keeping), such as Sales reports from your ecommerce stores or invoices and receipts for your expenses.

It is a requirement for preparing VAT and annual returns. Note, when you are VAT registered there are additional requirements for you bookkeeping which most accounts will capture as either a VAT charge or an increased bookkeeping fee (our approach is the former).

We are specialised and efficient at handling bookkeeping for ecommerce, but it is not a requirement for us to handle it. You can handle it yourself or use an in-house bookkeeper, in which case we are happy to work from your completed bookkeeping, subject to passing our basic quality test (because we cannot knowingly prepare returns based on incorrect bookkeeping).

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