What is record keeping?

Record keeping helps in business to trace the performance and growth in a particular year. It helps in recording entries, deductions, and statements for tax returns. Record management enhances the business to identify the potential risk involved implementing new policies.

1. What Is Record
Keeping?

2. Record Keeping:
Record keeping is the process of recording transactions
and events in an accounting system. It deals with
keeping all details information of each and every day to
day business transaction.

3. Record Keeping:
❖Good record management is essential for the business to
function effectively and efficiently.

❖For the business to earn profit it is important to keep
accurate and complete records.

❖The business transaction includes records that contain
banking information, proof of income and expenses,
cash books and wage books.

❖Effective business systems and processes, maintain good
records to trace business growth.

4. ❖Bookkeeping Services
enhances the business for
record management that
helps to manage
organisation records, in
order to meet operational
business needs, statutory
and fiscal requirements,
and community
expectations.


Record
Management

5. Record Management
❖Effective management motivates fast, accurate and reliable
access to records.

❖Redundant information must be avoided in records and
important records must be identified and protected from
frauds and threats.

❖Good records will help you monitor the progress of your
business, prepare your financial statements, identify sources
of income. It keeps track of expenses, investment in
property, prepare and file tax returns.

6. Record Management

❖Record keeping helps to measure your performance and
maximise business profits.

❖Records are the source documents, that specify
transaction date, amount, legal agreements, private
customer and business details.

❖Developing a computerized system to log, store and
dispose of records can benefit your business.

7. ❖Plan your work and daily
tasks.
❖Fulfill legal and tax
requirements.
❖Calculate profit and
performance.
❖Generate meaningful
reports.
❖Handle potential risks.



Benefits of Record
Keeping

8. Benefits of Record
Keeping
❖You may choose any recordkeeping system suited to
your business that clearly shows your income and
expenses.

❖Records must be maintained for purchases, sales,
payroll, and other transactions that business needs to
keep for future reuse.

9. Maps
Office Address : Shop 6, 6 Keidges Road,REDBANK PLAINS QLD
4301

JSMBookkeeping
Services

10. THANKS!
Any Question?
You can find us at
JSM Bookkeeping Services
Mobile : [phone]
Office Telephone : [phone]
Email : [email protected]
Website: www.jsmbookkeepingservices.com.au