All businesses are legally required to keep records of all their income and expenditures. Sole traders and partnerships need to keep records for five years and Limited Companies for six years. This includes records of all invoices, receipts, details of assets owned and any debt the company owes.

Companies that have been established for many years may still be keeping paper copies and ledgers. However, with the advent of accounting software, many businesses now use cloud-based or bespoke software to keep their records updated.

Our bookkeepers are experienced at working with businesses from all sectors so will be able to help you no matter what your needs are. They are trained in using a wide range of accounting software, including Xero, QuickBooks, Sage and FreeAgent. If your company uses excel spreadsheets or bespoke accounting software, we can still work with you.

The importance of bookkeeping

Keeping records of all your income and expenditures can be very time consuming, and you need to decide if this is a good use of your time. By keeping up to date records, you have a better understanding of your cash flow;  it helps with monitoring business performance against your budget; and will identify any debtors early so that you can put robust systems into place for ensuring timely payments.

Usually, records are tracked monthly, but even quarterly bookkeeping can be helpful. The more up to date the record-keeping, the easier it is for you to understand the financial trends within your business. This is particularly useful as your business starts to grow.

Accurate data entry is critical, especially when producing a financial report and submitting tax returns. Our bookkeepers are trained in entering data accurately and take pride in ensuring that records are well maintained for all your day-to-day transactions.

Why choose Watson Knipe?

You will be assigned your own bookkeeper that works with you and takes the time to understand your business. This helps them identify any issues that may arise, balance the books each month and ensure that all records are up to date and ready for your annual tax return.

We work with businesses based in Derby, Nottingham, Leicester and across the UK. If you are interested in finding out more about our bookkeeping services, please contact us by calling 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it..