Keeping your business records accurate and up to date is an important facet of the business. At a basic level, companies have a legal requirement to maintain proper records to reflect the transactions of the business and be sufficient to produce a statement of assets at any time of the year.
Whether your records are kept manually or on a computer, you should ensure that they are sufficient and incorporate control systems to enable the information to be readily to hand.
Your systems should include:
- Sales
- Purchases
- Stocks
- Fixed Assets
- Cash
- Payroll
If your time is constrained and you wish to grow your business, you may wish to employ someone to perform the accounting tasks and provide regular and meaningful reports for you.
PAYE and National Insurance regulations are complex and include statutory sick pay, casual labour and part time staff. There are also the practicalities of paying employees into bank or by cheques or cash.
Your systems must be sufficient to enable you to:
- compare how you are making progress with regards to meeting your business plan
- give an indication as to where discrepancies have arisen.
