Find out why startups and SMEs must give priority to recording transactions regularly.
Reading time: 3 minutes
We once heard from a small business owner that he had forgotten to record some of the transactions and couldn't update his records later. It gave him quite a painful time to correct everything. We realized that there could be others who face a similar issue as well. Do you, as an entrepreneur, remember to record small transactions as well? Are you aware of its importance? Maintaining your books every day and recording every transaction is essential for the business's financial health. If this is not done routinely, can you take the appropriate steps to improve the product/service, pricing, etc.? How would you know if your business is performing well? How would you know if the new strategy you adopted is yielding good results? A wise entrepreneur knows that updated records will help his business grow. What are some of the benefits of updating accounting records, you ask?
Money management
When you have updated records, you know where your money comes from and where it goes. It helps you monitor your income and expenses, draft a budget based on the financial statements, and keep an account of every single penny. Accurate records also act as proof of all the expenses incurred.
Knowing financial position
Bookkeeping gives you financial statements that help you recognize the opportunities for investment and growth, assist in applying for loans, present a clear view to the management about the business.
Stress-free audit
When your bookkeeping records are updated, you'll be on time to face the tax season. Smooth and timely VAT filing is a reality. When it's time for an audit, you'll have accurate records to present, saving you from penalties.
How can McLedger help?
Accounting & bookkeeping services
With the McLedger App, all your bookkeeping is on autopilot. Once you upload your invoices or bills on the app, we take them from there. Our in-house accountants can work remotely from any place and access your transactions. You will experience complete transparency. All your transactions will be categorized, and you can view their status in the request section of the app. Since we offer cloud storage, you will not have to worry about storing paper invoices with you.
Complementary invoice generator
When you opt for us to take care of your books, you also receive an invoice maker with the revenue management system. Once you create an invoice or receipt on it, it syncs with our accounting app and saves all your time and energy. You can share the tax invoices through the app, take a look at the dashboard to see your top customer, the total number of invoices, and more.
VAT services
Wouldn't you want a smooth VAT period? We make sure that your VAT returns filing is done on time without any delays. Our excellent customer service department keeps you updated about it. Your app comes with a VAT timeline that shows you the status of your VAT report, VAT filing, and gives you the option to view reports and filing details of the previous VAT periods. And these reports come with a pre-approval option so you can view your reports before we go ahead with the tax filing. We aim to give you complete control over your finances without letting you go through any hassle. These are just some of the ways we help you with your business's financial health. If you want to know more and understand how this works, get in touch with us today. Call us on +971 4 342 5577 or email us at info@mcledger.co
Give McLedger a try, and we promise you won't be disappointed.
