![]() ![]() This means any insights you try to gain would be unreliable Because without solid, accurate bookkeeping, any accounting you do will be based on flawed or incomplete data sets.To make sure you’re doing everything right from a legal point of view and reducing your risk of being fined.If you’re business is still small, bookkeeping should be your first priority for two reasons: That being said, you might not need to do this just yet. ![]() There is a lot more that goes into this, which is why you should collaborate with a certified accountant to make the most of your financial data. This helps you understand the financial health and performance of your business. You need to do some bookkeeping practices by law, and accuracy is essential for paying the right amount of tax to HMRC each year.Īccounting is the process of interpreting financial data and creating reports and forecasts This involves collecting and storing financial information such as receipts, invoices and bank statements. You’ll need to know the difference, because accounting is not something you can really tackle all by yourself (though you’ll still need high involvement in it).īookkeeping is the process of recording all the money that goes in and out of your business Using “bookkeeping” and “accounting” interchangeably is common, but the two terms do have different meanings.
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