Sole Traders - Importance of Information

If you want to understand why your business is doing so well or maybe not where you want it to be then the information from our bookkeeping system is the key.

Information means everything to you. If you want to understand why your business is doing so well or maybe not where you want it to be then the information from our bookkeeping system is the key. There are also some important laws regarding information or data and its protection.

Our bookkeeping system every month will show you;

  1. How much your business is spending on each expense and where you can cut costs and make savings,
  2. How much you have invoiced your clients/customers and how much they have actually paid you so you can see how much they still owe you,
  3. How much you need to transfer to your business savings account for paying your Tax and VAT bills.

Keeping your bookkeeping up-to-date each month is key. Remember to send us copies of your sales invoices, expenses receipts and bank statements each month.

Data Protection Act

If you keep a record of your client’s/customer’s information on your computer then you probably have to register under the Data Protection Act. If you don’t register then it’s a criminal offence with fines and penalties imposed by the courts. The good thing is it’s cheap around £35.00 per year – for more info take a look at the Data Protection Registrar.

For further help, or to enquire about joining our services, please call us on 0845 834 0264 or drop us an email at info@cmjaccountancy.co.uk.

Disclaimer

This information is for general information only. We take no responsibility for any action taken or refrained from in consequence of its contents. Always seek our professional advice specific to your circumstances before acting.