After you have decided to run your own business, and spent the money and time to register with Companies House, you will need to ensure that you keep on top of your business tasks and comply with all legal requirements.
It is important to keep records for all business functions, directors and financial records. Companies House holds all the information about the directors, shareholders and company secretary. As soon as possible, you must inform them of any changes to your details or changes in the appointment. You will need to fill out a form. Registration for people with significant controls must also be completed. This will contain details of all the people who own 25% or more of the shares or have voting rights in an organisation.
A firm of accountants are able to assist with the creation of a legal business and all the record-keeping requirements. For more information on Accountants Chippenham, visit a site like www.chippendaleandclark.com/
Accounting records include copies of invoices, receipts or invoices used for expenses. They also contain any debts your business may have. The records can be kept in either electronic or paper format. You can upload and scan copies of your pay records to your cloud-based accounting software. This will link the transaction with your bank feed. When your accountant is preparing the year-end account, they will have all of the information they need at their fingertips. Always ensure you have a good working relationship with your business accountant. It will make everyone’s life easier.
By law, you must keep these records of business and accounting for at least six-years. You may need to keep your records longer if, for example, you have purchased an item that will last for more than six years for your business.
Business finances can be complex, especially when it comes to tax regulation and filing. Clear communication with an accountant will keep you and your business on the right path to success. Small business owners often focus on growing their company and neglect to keep business records such as invoices and expenses.
Record keeping is more than just a way to comply with regulatory and tax requirements. Knowing how to maintain good business records will help you grow your business and become more efficient.
The accounting environment of small businesses has been transformed by digital and cloud-based software.
