With sound business management you are sure you will have smooth business operations
. For start up, documentation is paramount. Paper work should be kept to a minimum; they are required to protect you and your business. Some basic business records include: 1. CASH BOOK Record cash sales and payments made from every cash transactions. Record payments in and out of your bank account. Show VAT on payments as required by the government. (Tax) 2. PETTY CASH BOOK where applicable Small cash expenses should be kept on impress basis and should show VAT where applicable. 3. VAT RECORDS where applicable Show how VAT return figures have been calculated. In addition non-retailers must maintain a list of sales invoices issued. 4. WAGES BOOK Summary information to meet the needs of the employees and Inland Revenueshould be properly recorded. 5. ORDER AND DELIVERY BOOKS This involves purchase and sales orders and deliveriesrecords. 6. OVERDUE ACCOUNT BOOK Debtors and creditors analysis; which show the records of all credit records. THE BANK ACCOUNT Think about bank accounts well before start up, these details should be How many accounts (do not have more accounts than you can manage) Bank statements Signatories Charges: -discuss with the bank manager what you can sensibly do to minimize bank charges. BANK RECONCILIATION: The bank at your request produces a bank statement while a bank position shows your own latest figures of your bank accounts. Also realize that interest on any overdraft and bank charges will be debited to the account automatically. The bank at your request produces a bank statement while a bank position shows your own latest figures of your bank accounts. Also realize that interest on any overdraft and bank charges will be debited to the account automatically. These are simple business management tips to make sure that your company runs smoothly. It will make is easy for you to calculate your expenditures and thus know whether you are making any profits.