Every purchase you make, invoice you raise and bill you’re sent needs to be kept and recorded.
It’s a good idea to set up systems and spreadsheets to help you keep track of your payments, keep hard copies and electronic copies of bills and invoices, and track any payments made in cash.
Many businesses are too complex to solely rely on in-office record keeping, and often use bookkeeping and accountancy software and services to make sure their records are up to date and ready for completing your required documentation.
