![]() Good record keeping doesnt mean hanging onto every single document forever. Please place your logo here using the stamp function. Record keeping for small businesses Know which records to retain and for how long. )/CreationDate(D:20081118134650-05'00')/F 28/M(D:20150211124801-05'00')/NM(b39b30e3-06f1-fd40-bb59-fa6de2a04aed)/Name/Help/P 201 0 R/Popup 263 0 R/RC( Intuit QuickBooks: Best for Those That Are Self-Employed NetSuite: Best for Automation MarginEdge: Best for Restaurants Sage Business Cloud Accounting: Best for Micro-Businesses Neat: Best for. )/Rect/Subj(Customized Fields)/Subtype/Text/T(AICPA)/Type/Annot>endobj256 0 objendobj257 0 obj>/Subtype/Form/Type/XObject>stream If you’re not able to obtain a receipt for an expense make a note then record the details.Please place your logo here using the stamp function. Most accounting software can generate customer invoices. Make sure you keep all documents that contain details of payments, receipts, credit purchases and sales, assets and liabilities. Let software lead in creating small business accountingrecords, like customer invoices and payroll tax forms. ![]() Visit SBA. You never want to waste time chasing down last month’s missing invoice, and you certainly don’t want to find yourself in trouble with legal requirements. The minimum period for which you must keep records is six years for VAT or five years from the latest date for filing your tax return. Proper record-keeping for small businesses makes the process easier and keeps you compliant with the law. We recommend you regularly check youre meeting the record-keeping requirements that apply to your business, particularly as your business changes or grows. It is important to do so as HMRC may request to see past records if there is any issue regarding your tax. In addition, we have other record-keeping support available to help small businesses. Then you can access and update them on a regular basis, rather than letting the paperwork pile up.Įvery business must keep records for as long as required by the law. The key is to break things down into a series of straightforward, manageable tasks. You can add or delete unwanted columns and delete or insert more rows. Keeping business records can be daunting at first. Excel Cash book template My Most Popular Excel Bookkeeping Template The excel cash book is the simplest and easiest way to start recording and tracking your business income and expenses and bank balance, for your day to day bank accounts. Alternatively keep hold of your receipts, bank statements and invoices and outsource the work. Make sure the system you use is easy to operate, and complements your business. makes it easier to distribute profits to shareholders as dividends or for partnerships where both profits and losses have to be shared.īusiness records can be maintained manually, computerised on a spreadsheet or kept online. You probably didn't start a new business because you wanted to do paperwork But it doesn't have to be a pain and it can contribute to your. ![]()
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