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User guide for fact sheets

Keep daily financial records Play Audio

Good record keeping is an important part of monitoring business performance. It also makes it easier for small business owners to meet their taxation obligations. Appropriate and up-to-date financial records provide the necessary information for managing the business efficiently and making sound business decisions.  

To help you maintain your daily financial records, you should consider:  

  • Setting up either a manual or electronic record keeping system that suits your needs,
  • Recording your business transactions accurately and promptly,How to keep daily financial records
  • Preparing a summary account (including income and expenditure) at the end of each month.

Maintaining good financial records starts with a good system and well-organised business records. The system can be a simple one and does not need to be complicated.

The following are some tips to help you keep good records;

  • Keep your personal affairs separate from your business affairs,
  • Acquire a filing cabinet, hanging folders and some manila folders to help keep your financial papers  organised,
  • Divide and sort your financial records chronologically
  • All incoming documents (such as receipts and invoices) should be kept and filed under the proper headings. Never throw anything out, it might become important in the future.
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To help you maintain good financial records and make sound business decisions, it is important to have a basic understanding of accounting and bookkeeping.


 

Basic accounting and bookkeeping involve recording business events as they occur and then gathering those events into one place, such as in a Profit & Loss Statement or a Balance Sheet.

 


 

To help you record and maintain your financial records, you should consider: 

 

  • Setting up a record keeping system.
  • Recording your transactions accurately and promptly. 
  • Preparing summaries of your records to produce financial statements.

 

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