Research has found businesses that fail to manage financial activities well, and have poor accounting and record-keeping systems in place, are more likely to fail. Proper accounting and record keeping is vital to business success.

Get it in writing

Under tax law, people carrying on a business are required to undertake several tasks and keep certain types of records in certain ways.

You'll need to establish your accounting and book-keeping systems right at the start of your business and then constantly review them.

The most common financial records you'll keep are explained in the Record keeping systems fact sheet in the Resources section of the Toolbox.