In the realm of business and finance, maintaining accurate records is far more than a mere administrative task; it is a fundamental pillar of success. Whether you're a small business owner, a financial professional, or simply someone who wants to manage their personal finances more effectively, understanding the essentials of record keeping is paramount.
In ensuring proper Record Keeping, be sure to use Accounting Software and maintain required records. Accounting software help companies to manage their day-to-day business operations and transactions digitally, as well as fulfill their tax compliance obligations seamlessly while maintaining required records (including source documents and bank statements) will enable you to explain all transactions relating to its income, business expenses, and purchases. Your company must also keep its accounting records and schedules which summarise its business transactions in a sytematic order.
Pro-tip: Remember that IRAS requires retention of records for atleast 5 years from the relevent YA. Non-compliance with record keeping requirements is an offence under the income tax act 1947 and goods and services tax act 1993.