Call our team +44 (0) 207 566 3939


Tips To Keep Records For Your Business

Tips To Keep Records For Your Business

by | Aug 28, 2014 | Blog, Business News, Tips & Advice, Uncategorized | 0 comments

Follow these tips to keep records of your business:

  • Do not complicate things. The simpler your records are, the less likely you are to make mistakes. It also decreases the time it takes to update your data.
  • Update your data frequently. Be sure to update your records regularly so you will not miss anything.
  • Do not forget the details. Include specific details about your business. It is important to keep track of all your business operations, even for small businesses.

Include the following in your system for keeping records of your business:

  • A business checking account to keep track of your business transactions.
  • Your monthly income or how much you earn each month.
  • Your monthly expenses. Record how you spend money every month.
  • The inventory. It’s important to keep a record with the value of stock, including all products and supplies.
  • Keep tabs on your assets (depreciation schedule). Over time, your assets will be depreciated. You must keep track of changes in value.
  • Control of income (income statement). This will help you calculate your gain or loss for a specified period. Learn how to prepare statements.
  •  Cash flow. Keep track of the ins and outs of cash to manage their finances.
  • Balance sheet. This is important to calculate the net worth of your company.

Locate personal information in your business by talking to the sales staff, human resources, accounting and external service providers. This way you can get a complete overview. Each type of information has different types of risks.

Pay particular attention to records of personally identifiable information: Security numbers, credit card information and general financial and other sensitive data. These are most commonly used by thieves to commit fraud or identity theft incurring data.

If you found this blog helpful you can read more business tips and advice articles in our help section.

Blog Categories

Contact Details

Tel: 0207 566 3939

Fax: 0207 566 39352



Our Location

Capital Office
Kemp House
152-160 City Road
London, EC1V 2NX

Opening Hours

Monday - Friday: 9.00AM – 5.00PM
Saturday: Closed
Sunday: Closed

What Does a Company Director Do?

What Does a Company Director Do?  The role of a company director does not end at simply establishing a business address or projecting motivational predictions about the company’s growth. A company director is required to recognise and fulfil a number of key roles. A...

This Is How to File a Confirmation Statement

This Is How to File a Confirmation Statement Whether your business is the pride of a remote UK postcode, or you’ve registered your company at a more established business address, you must file a confirmation statement at Companies House. A Confirmation Statement...

All You Need to Know About Limited Company Shares

If you’re set to launch a company limited by shares, it’s important for you to understand all there is to know about these limited company shares and what they mean for your business. Before you begin working via your prestigious registered office address, take note...

Appointing and Removing a Company Director

There may be a number of reasons you’ll want to remove your existing company director and/or appoint a new individual to the role. Whether you’re planning a major reshuffle at the top for the sake of changing course of your limited company’s ethos, or an individual is...

Where Do I Send My Stock Transfer Form?

Congratulations! You’re either a newly formed business, or you’ve been running your brand from a reputable business address for some time. But with the plaudits comes the pressure; not least the overwhelming number of documents you must process and submit. And when...

7 Important Roles of a Company Director

You may be the proud owner of a new business, functioning from a credible business address, and envisioning a bright future ahead. But if you’re unsure about exactly what a company director’s role entails, then you may find yourself hindering your company’s progress....

In a hurry and just want some advice?