Supporting Guidance: business records checks: critical definitions: basic record keeping requirements
Customers’ business records will generally reflect the size and complexity of their business and may range from the simplest of manual records for a sole trader to a sophisticated computerised system in a larger company.
The records do not have to be in any particular format. However, an appropriate system should be in place to identify all:
- business monies in (receipts)
- business monies out (expenses) and
- goods purchased and sold, for businesses trading in goods.
If a business has sufficient records to meet the above criteria, it will have the necessary statutory records. We would describe such business records as ‘adequate’ see COG940275.