Set up a basic record-keeping system

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

There are several benefits to maintaining accurate, up-to-date business records. It saves you time, and therefore money, whenever you need to produce financial reports. You can be confident that you're only paying the tax you owe. It also helps you stay up to date on outstanding balances with suppliers and customers.

This guide shows you how to meet your legal obligations and set up a basic record-keeping system that works for you. It outlines record-keeping best practice and provides guidance on important financial records, including:

• cash sales and purchases/expenses books
• sales ledger
• purchase ledger
• wages book