Business Records

What are “Business Records”?
One of the main reasons for the failure of a small business is due to poor record keeping. If you don’t keep accurate and up-to-date records of the financial transactions of your business you will not only be breaking the law by not complying with regulations required by the Tax Department, but you will also disadvantage yourself because you will fail to have an accurate picture of how your business is progressing. Good records will allow you to monitor how your business is operating from day to day, and take any action necessary to correct problems that become obvious.

Professional Help to Set Up a Recording System
Try not to think of record keeping as simply a nuisance imposed by government regulations. Try to think of this task as an important tool that you can use to manage your business. Take time to put it all together. If you don’t have experience in this area, engage an accountant to help you set up a good record keeping system.

Your system needs to be based on standard accounting principles. Nevert...

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