Difficult not knowing what business you have. in the catering trade I had a large account book. At the top of each column I wrote. food, electric, gas, water rates, rent, wages, paye, etc.You put a date on the left and what you have paid under the appropriate column, when you come to the bottom of the page you add it up in pencil - just say Food ��300, then transfer that figure to the top of the next page and carry on down to the bottom, and so on. At the end of the year you have the final figure without having to add up every page. Hope this makes sense.
I run a micro business and have no problems with bookkeeping. I keep monthly receipts in an envelope.Using the headings given by Inland Revenue i total all expenses for each heading for that month and record on the outside of the envelope. That is expenses. I also record income for that month, again under different headings if more than one source of income. Keep running totals. At the end of your tax year, deduct expenses from income and that is your profit (or loss)Feel free to come back for more info if required.
Your best bet instead of manually keeping track of information is to purchase a copy of Quickbooks Accounting program. This program is easy to use and easy to set up, it does most of the setup for you, however you would need to plug in your starting balances. You might also want to find an independent bookkeeper that would help set you up for a minimal cost.
You ll be surprised how easy it it to set up your business bookkeeping with QuickBooks, and to add your income and expenses weekly or more often, if necessary. Check your previous tax returns to find out if you owe additional tax because of your errors.
Yes - I know one guy he is good with accounts. Discuss with him I guess he can help you. Call him��.773-782-6714
