• You will need accurate records in order to prepare financial statements. Financial statements will provide you with crucial information such as what your company has for liabilities, assets and equity. They will also show you what your company’s net profit is for a given period. You will need accurate financial statements if you ever wish to obtain a business loan or credit.
• Good bookkeeping records will help you out tremendously when you prepare your BAS/IAS or Company returns. You will want to make sure you are able to track all your company’s deductions so that you do not end up paying in more taxes than you absolutely have to. Also, having well organized records for your accountant makes his/her job quicker, thus saving you money.
• Allows you to determine if your company is progressing or not. If you keep good records, you will be able to determine which items are selling and where you may need to make improvements.
• Allows you to determine which times of the year business is slower of faster. This will help you determine when you can afford to make any large purchases or when you need to order more or less inventory.
• Should your company ever be audited, you will need to provide your financial records in order to verify all your expenses & income.
• Should you ever decide to sell your business, you will need accurate financial records to show potential buyers

What functions should I never outsource?

Any treasury functions (e.g. investing, signing checks, authorising bill payments online, executing wire transfers, etc.), should remain completely under your control, and must not included in any bookkeeping outsourcing agreement.
 

Bookkeeping Record Checklist for Small Business

Sources of Income
• Cash register tapes with the following information:

• Item purchased
• Price
• Amount paid
• Payment method
• Date

• Receipt books with the following information:

• Item purchased
• Price
• Amount paid
• Payment method
• Date

• Invoices with the following information:

• Item purchased
• Price
• Discount/sale price
• Customer name
• Date

• Credit card receipts
• Email records
• Copies of customers checks
• Deposit Slips

Expenses & Purchases
• Cancelled checks
• Cash register tapes
• Credit card slips
• Email records
• Purchase orders
• Invoices
• Check stubs for bills you pay

Credit Card Transactions
• Email records
• Separate register from your bank register

Or you can outsource your Accounts to
VillageMall Business Service-Web Bookkeeper..