Keeping financial records

Maintaining proper accounting records is vital in terms of monitoring how well your business is doing. A good financial system will be able to tell you how profitable your business is and easily track monies owed to you or the liabilities you are due to pay. At A1 Financials, we are asked what a good financial accounts system should include and we advise • Day book (ins & outs) • Sales invoice template • Sales invoice record and file • Purchase invoice record and file • Bank statement file • Petty cash book • Credit card management • Asset register • VAT returns • Other records personal to your business