© Just4Contractors.com 2008
Cardwell Management Services UK Limited
Regency House, 45-51 Chorley New Road, Bolton, BL1 4QR
Cardwell Management Services UK Limited
Regency House, 45-51 Chorley New Road, Bolton, BL1 4QR
Local UK - Find businesses, shops, services anywhere across the UK.
What records do I need to keep?
All businesses need to maintain records and as a Freelance Consultant, you're no different.
As an absolute minimum, you'll need to keep;
1. A Cash Book - this is simply a summary and analysis of all bank account entried, cash receipts, payments and drawings
2. A Petty Cash Book - a basic record of your cash tranactions
Although the above is a list of the minimum records for any business, it is highly recommended that you keep the following records also;
1. Accounts receivable ledger - a record of what's owing to you, sometime known as a debtor book
2. Accounts payable ledger - a record of what you need to pay - otherwise known as a creditors book
3. A Fixed Asset register - a record of what you own, e.g. technology, company vehicles etc
4. Project/ Job Costing Register - what have you committed to do and at what price
5. Time recording system - a record of the work that you have undertaken. Ideally this is in a form that can be presented to your clients as support to your invoice.
Your local stationery shop will sell sample ledgers that you can use for the above. However, you make consider buying a basic computer system such as QuickBooks.
These are easy to set up and allow you to do the basic inputting of invoices, payments made, payments received etc whilst simultaneously doing all of the ledger transactions for you.
These systems also take care of your VAT returns and Taxation calculations.
Many Accountants provide support to establish these electronic systems and can provide ongoing support for your year end procedures.
As an absolute minimum, you'll need to keep;
1. A Cash Book - this is simply a summary and analysis of all bank account entried, cash receipts, payments and drawings
2. A Petty Cash Book - a basic record of your cash tranactions
Although the above is a list of the minimum records for any business, it is highly recommended that you keep the following records also;
1. Accounts receivable ledger - a record of what's owing to you, sometime known as a debtor book
2. Accounts payable ledger - a record of what you need to pay - otherwise known as a creditors book
3. A Fixed Asset register - a record of what you own, e.g. technology, company vehicles etc
4. Project/ Job Costing Register - what have you committed to do and at what price
5. Time recording system - a record of the work that you have undertaken. Ideally this is in a form that can be presented to your clients as support to your invoice.
Your local stationery shop will sell sample ledgers that you can use for the above. However, you make consider buying a basic computer system such as QuickBooks.
These are easy to set up and allow you to do the basic inputting of invoices, payments made, payments received etc whilst simultaneously doing all of the ledger transactions for you.
These systems also take care of your VAT returns and Taxation calculations.
Many Accountants provide support to establish these electronic systems and can provide ongoing support for your year end procedures.