Accurate financial records are integral to any business. You must keep track of finances to both inform day-to-day decision-making and meet financial reporting and tax requirements.

What financial paperwork you must produce will depend on the type of business you run. Limited companies, for example, must submit a balance sheet and profit and loss account as part of their annual accounts submission. Sole traders, in contrast, need only keep records sufficient to complete their Self Assessment tax return each year.

Read up on the basics of accounts and bookkeeping, including why you might consider setting up a record keeping system.

Yes, if you are thinking about starting, or already run, a business in Scotland.

This is a free and impartial service.

Any business based in Scotland, at any stage in its life cycle.

Take 1 minute to read up on the basics of accounts and bookkeeping.

Contact your local Business Gateway office at any time for business advice and support.

Visit the Business Gateway website for more information on accounts and bookkeeping.