Maintaining accounts can be challenging for any business. Many businesses entrust everything to an accountant. Others prefer to use specialised accounting software. If you choose the right package, good accounting software can help you save time and money, and enable you to manage your accounts more efficiently. It can also help you to meet your reporting obligations, for example, keeping digital records or submitting VAT returns.
This guide explains the three main ways of keeping business accounts. It specifically considers the advantages and disadvantages of accounting software and provides an overview of the different types of accounting packages. Once you choose software that suits you, you can use our implementation checklist to help you set it up and make it work for your business.
All VAT-registered businesses should now be signed up for Making Tax Digital for VAT. If you're not signed up, HM Revenue & Customs will sign you up automatically unless you are exempt or have applied for exemption. You should now keep VAT records and submit VAT Returns using compatible software.