Set up a basic record-keeping system

Introduction

Whatever kind of business you run, you are required by law to keep financial records relating to it.

There are a number of business benefits to be gained from keeping accurate and up-to-date records. It saves you time, and therefore money, whenever you need to produce financial records. You can be confident that you're only paying the tax you owe. It also helps you keep up to date with how much you owe to suppliers and how much you are owed by customers.

This guide shows you how to meet your legal obligations and set up a basic system that works for you.

Subjects covered in this guide

• Introduction
• What should my system include?
• The cash sales and purchases/expenses books
• The sales ledger
• The purchase ledger
• The wages book
• Computerising financial records
• Hints and tips
• Here's how I established an effective record-keeping system

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