Keeping the Right Business Records

No matter where you business is based, no matter even the country, it’s vital to keep the right, updated records for your business. If you’re trading online, you may even need to keep different records for the countries in which you are trading.

All businesses, no matter their location, country, or size, must keep certain records and documents to ensure they are operating legally. These records usually include tax, employee and health and safety records.

Here in the UK, the HM Revenue and Customs (HMRC) are planning to inspect more small business’ records than ever before. Don’t get caught out, make sure you are complying with their rules. Don’t get caught with a hefty fine for not completing some stupid form.

• According to HMRC, 40% of businesses have issues with their record keeping.

While record keeping is usually a pain in the rear end (if you find someone who enjoys doing paperwork, treasure them), it’s vital to get into the habit of maintaining good systems and practices early on to avoid problems at a later stage, i.e., during a tax investigation or an employment tribunal.

In a world where electronic records (computer records) rather than paper records have all become the norm, it’s important you keep backups of your system(s) with software such as Acronis True Image and remember to keep important records as paper records rather than just electronic records.

• Every business is required to keep certain documents to comply with the law, whether electronic records or paper records, but not every business owner knows which records are important. Do you know?

For those of you in the UK, here’s what you need to do: Find out which records you need to keep…