Once you decide to start running your own business and have spent the time and money to register your company, you need to make sure that you are keeping on top of all of the necessary business tasks as well as complying with all the legal requirements and regulations for record keeping.
You must legally make sure that you are keeping records of a variety of business functions and directors as well as your financial records. Details must be kept on all of the directors, stakeholders and the company secretary as this is information that is held centrally by Companies House. You must keep them informed of any changes of details or changes of appointment as soon as you are aware of them. There is also a ‘register of people with significant control’ which must be completed and will hold details on all those people in the business who have 25% or more shares or voting rights. When you need to dispose of financial details, make sure you use Confidential shredding Cardiff from a site like https://www.printwaste.co.uk/confidential-shredding/confidential-shredding-cardiff
The accounting records that you must keep include the obvious copies of sales invoices and any receipts and invoices for expenditure purposes as well as any debts that your business has, stock amounts and stock control audits and an asset register of any items that your business owns. These records can be stored as either paper or electronic versions. If you and your accountant are using cloud-based software options, you can scan and upload copies of your pay files and link this to the relevant transaction on your bank feed and accounting record.