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Why You Need To Keep Hold Of Financial Records

By June 2, 2017Blogs

When you own a business, we know there is a whole lot of information that you need to look after, but do you know exactly what you should be keeping hold of and why? Our team are here to help, talking you through all the records you need to keep.

Having worked with many companies in the past, our team at Coleman & Co know exactly what financial records you need to keep and why you would need them and we can always help you keep them in safe hands.

Get Taxes Right

Tax records are the most obvious records you need to keep hold of when you are trying to run a business, making sure that all the payments you make to HM Revenue and Customers are correct. Whilst being a legal requirement, your tax return must be used in case of investigations and it is important to have these details easily accessible.

Whilst there are no rules on how you should look after your tax records, if they are inaccurate or incomplete, you could be penalised – not a problem your business wants to face. Coleman & Co can help look after all your tax records so you no longer have to worry about calculating and tucking away your records for later dates.

With many tax forms to fill out, having professionals to ensure they are done right is a smart move for every business. We have the expertise of the industry to know exactly what you and your business are eligible for and what payments you should be making.

Track All Your Clients’ Payments

As a business, you are constantly trading with your own customers and other companies to help your business succeed and that means you must keep a record of these payments. When creating your client base and selling a product, you should be making sure you keep track of what customers have bought and how much they have paid.

This information again helps when calculating your taxes and ensures that all information is completely accurate. Information should be kept for at least five years after the submission date of the most relevant tax year. Handling the finances of both yourself and clients can be an overwhelming task and there are many benefits to having an accountant help you out:

  • Give Yourself Free Time
  • Receive Reports on Cash flow
  • Have Taxes Calculated with Professional Systems
  • Remove Possibility of Errors & Being Penalised

When setting up payments between yourself and a client, using the right system ensures that there are no errors at all and will help to build the reputation of your business by having good financial records. Our systems mean you never have any confliction with customers overpayments as all information is stored and easily accessible for you.

Keep Staff Happy

When sorting out the payroll of your staff members, you certainly want to keep them happy and ensure the moral of your business is at a high. Once payroll has been setup, you can easily monitor the payslips of each and every one of your staff members. By keeping these records safe and having them available for your staff when they need them, they will stay happy.

If there are any problems in the future with payroll for staff, you always have the details to back yourself up and resolve any issue that may occur.

As well as this, there are many other expenses that you need to keep track of so that your company is reliable when it comes to making your payments. All business expenses must be kept track of as well as every single piece of income, which may sound like a daunting task, but with our help, it really isn’t that bad, as we guide you through every piece of information.

Contact Us

If you are struggling to monitor your tax returns and stay in charge of your financial records, then a helping hand could be needed. Our team work throughout Lisburn and beyond and will provide for every need you have. Get in touch today on 028 9266 3599 for any more information you require.

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