VERY IMPORTANT TO CONSIDER IF YOU ARE: thinking of starting a business the owner and responsible for keeping the business records responsible for managing the records of small businesses; for example, you are the bookkeeper or a tax agent Tip 1 Legal RequirementIt’s a legal requirement that you must keep good records. The law states you must keep business records for– for 7 years after they have been prepared or the transaction completed, whichever occurs latest– in English or a type of form
Not sure what method you should use to manage your books, or which one is best suited to your business? Here's a quick guide to help you understand cash and accrual accounting, and the pros and cons of each method.