#FinancialTrackingMatters Archives - Knowledge Base

What is book keeping, and why is it important for electrical items sales and services?

Book keeping Basics Book keeping basics is the process of recording financial transactions of a business. It involves summarizing, analyzing, and reporting financial data to track the business’s financial performance. Book keeping basics is important for electrical items sales and services businesses because it helps them to: 1. Track their income and expenses: This… Read More »

There are any threshold limit of bookkeeping for Electrical Items Sales & Services?

Bookkeeping Basics Absolutely, there exist specific thresholds concerning bookkeeping basics within the realm of electrical items sales and services. In the United Kingdom, when your business surpasses a taxable turnover of £85,000 in the preceding fiscal year, you are obligated by law to maintain comprehensive documentation of all financial transactions associated with your business… Read More »