5 Reasons Bookkeeping is the Perfect Valentine for your SME

Bookkeeping might not be your average Valentine’s Day date, but for your small business it’s the perfect match.

If you’re not already stealing glances at some great bookkeeping software, now is the time. Making Tax Digital is on the way, so there’s more need for accurate records than ever before.

There are plenty of reasons why bookkeeping makes the perfect Valentine for your small business, here are just a few.

Keeps you safe

After a protector who will going to keep you safe at night? Bookkeeping is the one for you.

Accurate bookkeeping is vital in keeping those HMRC penalties and investigations at bay, especially when Self Assessment season rolls around.

Keeping your records up-to-date mean you’ll be on top of your finances and avoid going over any deadlines.

Practising thorough record keeping will also mean that completing important documents will be a doddle. You’ll have a lower chance of a missed section or incorrect data, which can lead to a HMRC investigation.

Plans for your future

Your bookkeeping system is always looking ahead for what’s best for you and your business – and isn’t that the true meaning of love?

By keeping your books up-to-date and managing your finances regularly, you’ll be able to see exactly how much money you need to set aside for tax each year.

Without an exact figure, you run the risk of going over or under your tax budget – a fatal mistake for those not leaving enough aside for their Self Assessment return.

A cheap date

Not only will accurate bookkeeping help you avoid fines in the future, it’s actually a very cheap date itself.

You don’t have to pay to do your own bookkeeping, you simply have to have access to software and a bit of time to carry it out.

You will have to pay if you opt for one of the more expensive bookkeeping software option, but this isn’t a necessity for the everyday small business owner looking to simply keep their books up to date.

The more committed you are, the better you’ll be together

The more time and effort you put into your bookkeeping, the more rewards you will reap. Looking for suitable bookkeeping software that’s right for your small business needs (ahem) may mean taking time out of your schedule to scour reviews and trial software, but it will save you time in the long run.

When you find the right bookkeeping tool, you’ll also need to set aside some time to correctly enter information. Once you do, you’ll be able to relax and you won’t have to worry about tax season.

The more you update your bookkeeping, the more accurate records will be. So, it’s always worthwhile making time for it in your busy schedule.

It cares about your wallet

Like all good Valentine’s, bookkeeping doesn’t want you to splash out all of your money when you can’t afford it.

Bookkeeping saves you money by allowing you to budget effectively and manage your small business finance with ease.

Good bookkeeping practice means you’re less likely to ever go overdrawn or rely on your overdraft – the ideal partner for your small business!

Why is bookkeeping your hero this Valentine’s Day? Leave your comment in the section below!

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