Keeping proper accounting records is not just a legal requirement, it is an essential part of a running your business. Organised and up to date accurate accounting records let you know how well your business is doing, and support decision making. Many business owners find the paperwork a chore, as it is time-consuming and keeps you from doing what you do best. It is often cheaper to outsource your accounting function than employ some-body to do this for you.
Around 20% of businesses use the shoe-box method for storing paperwork, and nearly 25% of business still keep manual records. HMRC are making changes - all but very small business will soon have to keep digital records and submit quarterly returns.