There are heavy penalties if business fails to adhere to such principle and fails to keep record for business transactions. These penalties are as much as £3,000 for no record keeping and this could get even worse if these bad record keeping leads to a wrong filing of tax return. All this is possible by using reliable bookkeeping services.
ookkeeping, like all other things in accounting, is an essential component to running a successful business, as it enables business owners to keep track of every financial transaction they make. However, for those who are new to the business world or those who are not so familiar with accounting, they may not understand what is bookkeeping all about.