What is the best way to keep accurate records for your business? There are many ways, simple paperwork (receipts, invoices, printed paypal and bank statements) are perfectly acceptable to HMRC, however you should make sure they are filed and kept in a safe and secure manner.
Electronic receipts are also acceptable to HMRC and with the huge choice of apps available for smartphones it is a very simple process to keep electronic copies of receipts and statements.
To record cash income and outgoings, simple spreadsheets are an effective and extremely cheap way of producing simple income statements and balance sheets, however for your business you may need something more sophisticated. As with everything it pays to talk to someone who can help you decide what is best for your business.
Electronic receipts are also acceptable to HMRC and with the huge choice of apps available for smartphones it is a very simple process to keep electronic copies of receipts and statements.
To record cash income and outgoings, simple spreadsheets are an effective and extremely cheap way of producing simple income statements and balance sheets, however for your business you may need something more sophisticated. As with everything it pays to talk to someone who can help you decide what is best for your business.
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