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FAQ

Common Questions Businesses Have About Accounting & Bookkeeping

1

How often should I reconcile my bank accounts?

Regularly—at least monthly—to catch errors early and keep financial records accurate.
2

What expenses can my business claim for tax purposes?

Common deductions include operating expenses, office costs, employee salaries, travel expenses, and depreciation of assets.
3

How long should I keep financial records?

Typically, records should be retained for five to seven years to comply with tax regulations.
4

What’s the best way to track expenses?

Use cloud-based accounting software for real-time expense tracking, simplifying record-keeping and reporting.
5

What is VAT, and do I need to register?

VAT (Value-Added Tax) registration depends on your annual turnover threshold. We’ll help you determine your obligations clearly.
6

Do I need financial statements if my business is small?

Yes, financial statements provide clarity, support informed decisions, and are often legally required.
7

How can accounting improve cash flow?

Effective bookkeeping helps manage cash flow by forecasting income, managing expenses, and avoiding costly surprises.
8

Should I outsource payroll processing?

Outsourcing payroll saves time, improves accuracy, and ensures compliance with complex tax regulations.
9

What's the best accounting software for small businesses?

Xero, QuickBooks, and Sage are ideal solutions—user-friendly, reliable, and scalable to grow with your business.
10

When should I hire a professional accountant?

As soon as your financial management becomes time-consuming or complex, an accountant adds significant value, clarity, and efficiency.

Contact us to learn how we can save you time and hassle and help boost your company’s revenues and profitability.

Trusted Partners in Cloud Accounting

Proudly working with Sage, Xero, and QuickBooks to keep your business compliant, efficient, and in control.

Sage Accounting | Xero | Quickbooks

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