Whether you hire an accountant or do it independently, keeping your books organized will help keep track of the necessary records. Here, bookkeeping services cost can help you to organize your company’s finances.
Bookkeeping and accounting are an essential part of doing business, regardless of the industry. In business, proper bookkeeping and accounting signify proper management too. From bookkeeping and accounting, business owners will also understand how the company is performing.
What records should be kept?
When you do business or engage in commercial activities, you must keep records of various business transactions. These records may include:
• Paper or electronic receipts
• Details of expenses and sales
• Details of salaries and taxes collected and taxes paid
For how long? In general, it is recommended that you keep all supporting records and documents used to determine your and your company’s tax liabilities for six years from the end of the last relevant tax year. At a minimum, financial records must be permanent, accurate, and complete which cover your daily income and expenses.