According to a survey of small businesses, financial paperwork and records can take up as much as 30% of an owner’s available work time. For many companies, this time would be spent more productively dealing with customers or the development of their products and services. As per the Companies Act, all companies are expected to keep their financial and accounting records for at least 6 years.
In some cases, the time span is longer such as in the case where you have bought machinery or equipment that is expected to last longer than 6 years. It is necessary to keep receipts and invoices which include the details of all the money sent and received by the company.
The records should also include all the assets and debts owned by your company. You are also expected to keep a record containing the details of the stock owned at the end of the budget year and the products purchased and sold throughout the year. If you fail to keep these records, there is a fine of up to £3000 and disqualification as a Company Director.
We have a designated team of experts looking for the bookkeeping services. A to Z Accountants can assist you in your bookkeeping task by:
A to Z understand that every business is different. We provide accurate business bookkeeping services by considering the workflow of your business. We start our work by discussing the goals and requirements of your business. After understanding your business thoroughly, we develop customised accounting procedures for your bookkeeping task and ensure that the task is accurate and updated. Get to know more about our bookkeeping services by giving us a call or fill this Contact Form. We would be delighted to meet you and know your business so that we could help you with your accounting requirements! Tel: 0121 456 1000 Fax: 0121 456 3000 Email: firstname.lastname@example.org