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- The law requires every person engaged in any trade, business, profession or vocation to keep proper records and books of accounts, including records of annual inventory (stock).
- These records must be kept in the English Language and must be kept in the place of business or at the residence of the proprietor.
- Once your business has been legally registered, you will need to establish an efficient and effective reporting system.
- An accounting / reporting system is a system of collecting, storing and processing the data of your business.
- The financial reports generated are used by you to see how your business is performing and to assist you in your decision making. It is also required by third parties such as banks, tax authorities and creditors.
- If you are already an established business your existing accounting systems may not be able to keep up with your business expansion. We can re-design your accounting systems to strengthen them including more responsive internal controls to minimise the risk of loss and ensure the integrity of your data.
- Once we have set up your accounting system, we can perform the role of your accountant by operating the system and generating monthly financial statements.