Have you got a record keeping system in place?

Some businesses use manual record-keeping systems, although this is usually only practical for those with a small number of transactions.

Most businesses use accounting software programs to reduce the workload involved in record-keeping and to quickly analyse information and produce informative reports. A business may require several software programs to cover all of their record-keeping needs.

Get more information on record keeping from:

    Professional advisers such as lawyers, bankers and accountants
    Industry bodies
    Business owners in the same industry

Create a formal system to keep track of records and make it easy to retrieve information. Such a system would include a file and folders naming convention, a filing method and an index that can be searched.

Then, you will also need an archiving and record destruction policy. The same approach can be used for both paper records and electronic data.

With more and more records being stored electronically, it is also important to have a secure electronic backup system to ensure records are safely stored and regularly backed up. Separate copies of backups should kept in a different location.