I've started a new business, how should I keep my records?

It is very important for businesses to keep detailed records of all income and expenses related to the business. 

You can keep these records in paper or electronic format, but electronic format is by far the most efficient option. 

Online accounting software, like BrightBooks and Dext, enables business owners to manage their accounts through their mobile device. No accounting knowledge is required to use software like BrightBooks. Once you can use a smartphone you can use online accounting.

In the case of both paper records and digital records you must store them for a minimum of 6 years.

TaxAssist Accountants would be delighted to help you choose the right digital solution for you. Contact us today to discuss your options.

Date published 11 Mar 2020 | Last updated 2 May 2024

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.