Book-keeping can 'optimise business performance'

Date: 14th March 2008

Reviewing accounts regularly can optimise business performance, according to the National Federation of Enterprise Agencies (NFEA).

NFEA chairman George Derbyshire claims small business owners should make it a priority to review their accounts regularly, in order to fully understand the health of their business and maximise resources.

"I would recommend that all businesses take professional advice to make sure they are set up properly in the first place and secondly to have regular progress reviews," he commented.

He said that by maintaining accurate records, small business owners would find it easier to chase bad debts, maximise potential and in turn create more wealth.

Once business owners have reviewed their financial health they should turn their attention to managing their tax, he added.

A recent report by the Professional Oversight Board revealed that business owners can miss out on vital financial information by failing to have their accounts reviewed regularly.