Business Support

Accounting Systems

By law you must keep records of all your business income and expenditure. You need to keep records for at least five years from the latest date for sending back your tax return, as the Inland Revenue may need more information or want to see the actual records. Keeping good records will also help you fill in your tax return accurately.  

LaiPeters & Co can offer you advice on what system suits your business and on how to keep your records up-to-date. 

It does not matter whether you use manual records book or a software package as long as you set up an adequate system to record the accounting information. Ensure the system you choose is geared to your business, and simple to use.  

Keeping only some of your records is almost as bad as keeping none at all. Update the accounting records regularly to ensure information is up to date.

If you keep your records on computer, you will still need to keep the original paper invoices or other records of sales, purchases and similar transactions, unless you use an optical imaging system or microfilm all your originals.

Good Practice It is much easier to keep good records than it is to sort out problems in a rush at the end of the year. When it comes to preparing your annual and management accounts, you will be glad you put all the time and effort into managing your finances properly.