Keep your Business Finances in Order

Keep your Business Finances in Order

Accounting, Bookkeeping, Tax, VAT, Pensions, Payroll & Financial Advice for Local Businesses & Individuals, Essex

culwick

When running a business one thing to get your head around is keeping on top of your finances. Even though it is tempting to let things slide when you are busy, taking the time to keep this aspect in order will really pay off! Apart from the obvious convenience of staying aware and documenting all of your finances, you will also avoid the risk of being fined by HM Revenue and Customs. A successful business relies on effectively marketing your products or services, retaining high standards and providing excellent customer service. Proper training of any staff and ongoing interest in developments and changes within the your industry is also crucial to stay ahead of the market.

Of course some documents and records should be kept for the long term and some for a shorter period of time. You may choose to keep certain documentation simply for your own reference in years to come, others you are strongly advised to retain. Creating a check-list will help you to stay organised, and allow you to regularly review your system.

Records which should be kept permanently include:

  • Title papers and deeds
  • Members register
  • Account ledgers
  • Incorporation docs
  • Audited annual accounts
  • Records of insurance
  • Pension scheme records

Records to be kept long term (6 years +) regard:

  • VAT
  • Wages
  • Tax
  • NICs
  • Personnel files
  • Payroll
  • Medical
  • Papers relating to personal financial

Short term records (up to 6 years) cover:

  • Additional accounting records
  • Company newsletters
  • Press clippings
  • Accident reports
  • Adverts
  • Old contacts, orders etc

A note has to be made of money or goods received and expended relating to the business such as daily takings, expenses, banking and cash transactions, and loans or grants. If you would like some guidance and advice on your business finances, contact John S Culwick [Chartered Accountant] on 01268 680702

Professional, Friendly Business Support for Start Ups & Established Businesses, Comprehensive Range of Financial Services