Why good bookkeeping saves you money at tax time

Accurate records are the cheapest protection a business has against penalties, estimated assessments and missed deductions.

Many tax problems start long before the return is due. They start with records that are incomplete, late or kept in more than one place.

When books are up to date, returns can be filed on time. Late filing and late payment attract penalties and interest that are entirely avoidable.

Good records also mean you can claim what you are entitled to. Expenses without receipts and input tax without proper invoices are often disallowed.

If the revenue authority asks questions, organised records let you answer quickly and with evidence. Without them, an assessment may be based on estimates that are hard to challenge.

Finally, monthly accounts show you where the business stands, so you can set money aside for tax instead of being surprised by the bill.

Our accounting team can keep your books for you or review the work of your own staff.