Some people seem to take to bookkeeping and accounts like ducks to water. Others dread the prospect of ‘doing the books’ and looking after the paperwork of a business or other organisation. However you feel about it, do remember that accounts are just as important as any other aspect of a business, and can be crucial to its prosperity and even survival.

In ‘doing the books’ you will be at the very heart of die business with your hands on the controls. You will be involved in the management of its assets and liabilities, its expenses and its profit margins. The more control you have over these, and the records and figurework on which they are based, the better you will be able to control the business.

At first it may seem unfamiliar and even daunting – a world of accounts books, journals, ledgers, adjustments and strange calculations. If your business is small, you can actually keep things very simple: then as it grows you may want to start a proper double entry bookkeeping system. Whatever your needs, this book has been written to guide you through step by step, to show how you can keep your business accounts and apply your new knowledge and experience, whether as a sole trader, partnership or limited company.

Like so many things the world of accountancy and finance is ever changing. This seventh edition of the book has been updated to reflect these changes. In particular sections are now included to introduce the concept of Limited Liability Partnerships, and the introduction of the Flat Rate VAT scheme for smaller businesses. There are also many other alterations to reflect the changes in taxation, and in accountancy practice.