![]() It involves paying bills and staff, reconciling bank statements, data entry and paying taxes. It used to involve entering information into ledger books – hence the name – but most businesses now do it using cloud accounting software.īesides recording all income and outgoings, bookkeeping tasks also involve collecting and storing financial information such as receipts, invoices and bank statements. So what’s the difference between bookkeeping and accounting?īookkeeping is simply the process of recording all the money that goes in and out of a business. Decide if you need professional helpįinal thoughts on how to keep books for a small business in 2021ĭreaming of bossing your own business? Take our quiz to see how ready you are to take the plunge Small business bookkeeping vs accountingĪccounting and bookkeeping are two terms that are sometimes used interchangeably. The basics remain the same for SME bookkeeping in 2021ħ tips on how to keep books for a small business In this guide, you’ll learn everything you need to know about how to start keeping books for a small business. While bookkeeping responsibilities can feel overwhelming, you might find they’re more manageable than they first seem.īy breaking your bookkeeping responsibilities down into smaller chunks and creating a calendar of tasks to do, you should be able to get on top of your bookkeeping responsibilities. ![]() Staying on top of all these developments is tough. Small and medium-sized enterprises (SMEs) are facing a highly unusual set of challenges – including Brexit, coronavirus (COVID-19) and business rate changes. But in 2021 things can seem confusing than ever. ![]() Even at the best of times, knowing how to keep books for a small business can be challenging.
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