DIY bookkeeping is on the rise thanks to the help of cloud computing. With the prospect of a free system or one for a very small fee, you can process your own bookkeeping on almost any system at any time and in anywhere in the world.
You can do it – you only need dedication and discipline
Whilst bookkeeping is not rocket science, asking only for dedication, discipline and consistency, it is not without its need for some support and training particularly for those who have not undertaken it formally before and is not naturally thus inclined.
Getting the right training and support
Training for bookkeeping in likeness with most other disciplines, is not difficult to find and in whatever form that suits the learner – videos, webinars, text books, workshops etc. Investing in training that suits your time and value for money would be the starting point. What you must have at the end of the training is support since the functionality of a bookkeeping software can overtake the basic understanding of what you need to do when you are alone with your computer.
Knowing your ins and outs
Knowing what output you need to have at the end of your business reporting period is a good marker for why you have taken on the brave task of DIY bookkeeping. HMRC’s tax return outline provides a good guide of the categories of expenses you are aiming for when you undertake your business record keeping. HMRC’s GOV.UK website provides details of the expenses you can claim when you are self-employed.
Limited companies have slightly more categories depending on their size and complexity of operations, but having this basic understanding from a sole trader’s perspective is a good start to the business record keeping.
Getting answers to those nagging questions
Once you are in the swing of processing your bookkeeping, you may come upon those questions that have a tendency to display themselves during the small hours of the morning. Such as:
- What can I claim against any tax liabilities?
- How do I record my use of home?
- How do I deal with monies I have loaned/withdrawn from the business?
- How do I know I am giving HMRC all the information they require?
Having access to the support and training that meets your requirement will keep those nocturnal questions at bay. My free tax workshop is designed to answer many of these personal tax return and bookkeeping queries.
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