Keeping good records allows you, as a freelancer or business owner, to keep an eye on the financial aspect of your business and monitor its success or failure – and also means you can claim any valid expenses to offset against tax!
Far too many people either forget to ask for a receipt when they buy something for their business, or if they get one it ends up in the bin.
The thing we forget is that it’s not just about receipts, there may be times you need to rely on your records if disputes or other issues arise in your business. Banks and other creditors might need you to provide evidence of your business’s financial position before providing you with finance or goods and services on credit and this is just the beginning of how good record keeping can save you time and money.
Need a book keeper in your life?