Having the right figures to hand, and knowing how to use them, is ultimately why we keep accounts for our business. You can make very poor decisions if you don’t have the right figures. Net Profit is how much you get to take home after all your expenses, so it’s vital for the longevity of your business that you know it.

Why should you do bookkeeping for your business? Reason number 1 is to make sure you pay the right amount of tax – not too much and not too little (which could cause fines).