Guide: Bookkeeping - The Essentials

What is bookkeeping and accounting and why is it important?

Bookkeeping simply means keeping a record of your company’s financial transactions. This includes sales, expenses, salaries and other bank transactions. Your bookkeeping records form the basis of the statutory financial statements you submit to Companies House annually.

You can also use your records to produce management accounts focusing on specific areas. For example, you can prepare a breakdown of where your revenue is coming from or a comparison of budgeted expenses against actual expenses.

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