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It's important that your accounts are accurate and up to date so you can draw up 'true and fair' annual accounts. Your accounts should be backed up with full and detailed records of all business income and expenditure, such as receipts, invoices and purchase orders, payments in and out, etc. Why you should keep records and documents; Following careful record keeping procedures can also help you in prevent fraud or theft. Using a good record keeping system will keep you up to date and help you to: track income, expenses, debts and creditors apply for additional funding e.g. a bank loan or overdraft facility save time and accountancy costs. If you are starting a new business it is essential that you get a proper record keeping system in place immediately. |