FAQs about record keeping systems
One of the biggest challenges for business owners is managing their financial information through record keeping systems. These systems often provide the basis for reports that need to be made for investors, governmental agencies, banks and general running of the business. Record keeping systems also allow you to review how well your business is doing and where it’s headed. The overview is particularly important for investors as your financial report will provide them with all the information they need to make an informed decision.
Record keeping for your business can be frustrating if you’re not familiar with accounting. However, QuickBooks provides a solution. We provide accounting software for small to medium-size businesses to help you keep your financial records organised and easy to access. The three main packages we offer are QuickBooks SimpleStart, QuickBooks Pro and QuickBooks Premier. Our accounting software packages enable your business to perform efficient bookkeeping. Browse our accounting packages now to find out which one can benefit your business most.
Record keeping systems: FAQs
- Why should I use a record keeping system?
Managing a company requires efficient financial data recording. Information needs to be organised so that its easily accessible and can be kept up-to-date. Record keeping systems can help you to:
- keep track of your business’s progress
- prepare financial statements
- identify the source of your receipts
- keep track of expenses
- prepare tax returns
- What kinds of records should I keep?
The type of business you run greatly affects the type of records you need to keep. However, the following are a few types of records all business must keep.
- Gross receipts – receipts, bank deposit slips, invoices and credit card slips (charges)
- Purchases - cancelled checks, invoices and credit card slips (sales)
- Expenses - account statements, cancelled checks, petty cash slips and invoices
- Assets – purchase price, cost of property improvement and selling price
- How long should records be kept?
This amount of time that records should be stored depends on the action, expense or event the document records. Keeping records is necessary to prove income and deductions. If your records are connected to assets, such as property or vehicles, all records must be kept to make an analysis on deprecation, depletion deduction or to discover whether you’re making a gain or loss when you sell the asset.
It's wise to keep a copy of any document as you never know if or when you’ll need it in the future. By making it a habit to keep all your records, you’ll never be confronted with a situation in which you have no document or record.
- What records regarding my employees must I keep?
Employee records should include:
- amounts and dates of all wage, annuity, and pension payments
- employee information such as name, address, position and contact details
- dates of employment
- dates for periods in which employees were paid while absent owing to sickness or injury
- dates and amounts of tax deposits you have made
QuickBooks record keeping systems
QuickBooks provides superior accounting software with record keeping systems. Choosing our software helps you to manage your company’s records easily and also offers you the chance to quickly spot mistakes, allowing you to resolve problems and prevent potential mistakes from occurring in future. Contact us with further enquiries on how QuickBooks record keeping systems can benefit your business.
QuickBooks SimpleStart - for new and home based business
The simplest way to manage and track money going in and out of your business.
QuickBooks Pro - manage your business accounts simply and easily
Manage your business accounts simply and easily.
QuickBooks Premier - fast and easy advanced accounting
Fast and easy advanced accounting.
Quick Payroll is designed to meet the fast growing needs of dynamic South African SMEs.
It simply manages all aspects regarding payroll, including payroll calculations, leave registers, report writing, tax year-end, and more. Quick Payroll interfaces seamlessly with QuickBooks accounting software, which means your general ledger journals will automatically update.
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Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll Lite is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
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Our solution automatically provides new tax law or statutory upgrades as they arise, keeping you on the payroll cutting edge. What is more, our Quick Payroll Startup is so flexible; it can be used in any industry sector, injecting value into your company, employee and client relations across the board.
