Category Archives: Bookkeeping guides

Bookkeeping for Sole Traders – The Beginners Guide

Unless you are starting a business as an accountant or bookkeeper you are probably not looking forward to setting up your books. Unfortunately, there is no choice but for an existing business to maintain a full set of financial records. What is more, there are time limits for sending the information to HMRC, and the information must be accurate.

One benefit to doing your own books is that you will start to see trends in the finances, from incoming to outgoing, which will help you to understand where your business makes money and where most of it is spent. The downside of this is that it is a time consuming job and it will take you a few hours each week at minimum to maintain all the records.