One of the main reasons a small business fails 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 ...
Petty cash is a small amount of cash kept on hand to make day-to-day purchases for items that are too small to pay for by cheque or if you don’t have access to EFTPOS. Examples are expenses such as milk ...
It is a requirement of law that you keep adequate business records from which the IRD can confirm whether the tax you are paying is the correct figure based on the correct profit that you have stated ...
Under New Zealand Tax law anyone carrying on a business must keep proper records to “enable the Tax Commissioner to ascertain the correct tax liability they have”. You have to be able to explain ...
Credit cards also record income and payment. These are reflected in a credit card statement which is sent to you by your credit card supplier. Many people today use their credit card for business purposes ...