Alexander Ene

Most business owners appreciate the need for a good bookkeeping system in their business.  However, despite its advantages, not every business owner pays adequate attention to the bookkeeping activities in their business. Bookkeeping involves the documentation of the financial transactions of a business in an orderly fashion. It forms the first phase of producing many different forms of reports for a business such as business accounts, cash flow forecasts, profit forecasts, balance sheet and many others. If the bookkeeping part of the record keeping and transaction recording is carried out incorrectly, any reports generated from the bookkeeping operation will be inaccurate. Bookkeeping can help you manage and track the financial operations in a small business . It helps business owners and financial managers to make the right financial decisions for their business. The following are some of the key benefits of a good bookkeeping system to a business enterprise: 1. Bookkeeping helps t...

So, you've made a decision to set up your very own business and you are asking yourself whether to trade with a Limited company or as a sole trader. Like everything else in life, there are advantages and disadvantages to running a Limited company. It is your personal situation, your business strategies and ambitions and the nature of your business that will dictate the ideal trading vehicle for you. You might even find that the decision is taken out of your hands simply because the industry that you operate dictates whether you set up a limited company or otherwise. The incorporation of a Limited Company in the UK can be incredibly fast and doesn’t cost a lot of money. You can incorporate a company with Companies House , the UK agency which regulates every Ltd company in England and Wales, in a few days and for anything between £20 and £200 depending whether you are going to be doing the whole work yourself or you wish to engage an accountant to do it for you. As a business owner...