Basic Financial Planning Page 6
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9Keeping Records
Accurate and up-to-date records of sales
and spending are necessary to:
.
Show where money comes from
and where it goes
.
Help planning and budgeting
.
Foresee problems before they become
a danger
.
Draw up reports to members, funders
and the bank
.
Make out VAT, tax, PAYE and national
insurance returns
Records must be appropriate to the size of
the business, the time and skills of members
and legal requirements. Some are as simple
as a box for receipts but you will probably
also need ledgers and cash books.
Some businesses sell goods or services on
credit and it is important that they organise
records in such a way that they can keep
track of customers and what they buy, how
long they will have to wait for payment
and have some idea of how trustworthy
clients are.
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