Book keeping - Basic requirements

The importance of a well organised book keeping system need not be overemphasised. To remain in business, certain basic record keeping is essential. Financial statements are also required by many external decision makers such as banks, creditors, investors and shareholders.

Your choice of a book keeping system will be based on your requirements as to the information needed from it. It does not necessarily need to be too complicated where it is not used effectively. The system has to be simple, yet sophisticated enough to provide you with all necessary information.

Once you decide on having a balanced book keeping system you have to decide as to who will maintain these records. You can maintain them in-house hiring an accountant. This however, requires significant commitment to details, skill and sophistication. You may have to also invest in a well designed software and related hardware.

A second option will be to entrust the book keeping function to an accounting firm who will provide accurate financial record keeping at affordable costs.

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