How does Bookkeeping Help Improve Financial Efficiency? Bookkeeping is crucial for any business, whether it’s small or large. Whether you are a small business owner or running a large organisation, it’s essential to manage your business books effectively. Every business should stay persistent and consistent. Many business owners are in a mess with unsorted financial records, which results in discrepancies in their records. Smarter Financial Decisions Making informed choices starts with having accurate financial records. When business owners have a clear picture of their cash flow, income, and losses, they are empowered to make decisions that positively impact the future of their business. Think about trying to make decisions without knowing how much money you have or if you are overspending. With well-maintained financial records, you can track your business’s performance, identify areas to invest, find ways to cut costs and develop strategies for growth. Whether you are a new sm...
I ncome is considered PSI when over 50% of the received income from a contract is a reward for your personal skills or efforts, rather than being produced by the sale of goods, the use of assets, or from a business structure. When checking out whether your income is PSI, you must pay attention to the income received from each contract separately. The terms and conditions of the contract, invoices and written agreements that have details about the work arrangement, are essential to check out if the income is PSI. Blog link: Record Keeping for PSI: What Records Should You Keep