Blogs & News

What is bookkeeping and why is it important

February 17, 2023

Bookkeeping is an important part of any business because it makes budgeting easier. With your expenses and income organised well, it is easy to review your costs and resources. Your budget is your business's financial roadmap.

From up-to-date information you can estimate how much tax is going to be payable on your profits.  

Complying with government requirements with regards to Making Tax Digital (MTD). The government have already introduced MTD for vat, MTD for Income Tax Self-Assessment is only around the corner in April 2026. MTD for Corporation Tax will be next on the agenda.  

Every business has targets they want to achieve every week, month, quarter, and year. Without bookkeeping you will never know if these targets are achieved.

By staying on top of your books and keeping regular financial records, you can map out your business goals more accurately and achieve growth.

Most importantly you get to understand your business. You have control over all aspect of your finances and are in control.

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