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There are two reasons for a SME to maintain adequate financial records
The first, most important is for the owner(s) of the business to be able to make a reliable assessment of the actual performance of the business at any time
The second is a legal one and that is to be able to make a correct and timely return of the necessary information to Her Majesty’s Revenue & Customs (HMRC) for tax purposes. Every enterprise has to do this
We will deal mostly with the first requirement and leave you to go elsewhere on this site to get what you need for the second
Comments and suggestions for improving this site are appreciated and should be addressed to administration
Last Update 08-Jan-2012
Date first published 07-Nov-2005