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Simple business accounting

Whether you’ve set your therapy business up as a sole trader, a partnership or a limited company, it’s vitally important to keep an accurate set of accounts.

It’s obviously the less glamorous side of running a business. But if you have a system in place to track and record your accounts, the short term administrative pain is well worth it in the long-term.

You can keep track of your income and your outgoings in a spreadsheet, or you can use more advanced accounting software such as QuickBooks. Many practitioners prefer using specially written practice management software such as WriteUpp to manage and record their accounts.

Whatever method you choose, you will need to keep accurate records. This information is vital for completing your tax return.

Your income should include all money earned by the business, and your outgoings should include purchases and expenses for the business.

At the end of the year, you simply deduct your outgoings from your income to see whether your business made a profit or a loss.

Of course, this is a simplistic view of things. The process of record-keeping is different for individuals (sole traders), partnerships and companies. Read more about record-keeping here, or have a look at the other articles in the Finance pillar.