What to record and where.
WHAT TO RECORD
Every sale: date, item, amount, customer, payment method
Every expense, with receipts Gateway transaction records Bank statements Supplier invoices Delivery records with courier references
WHY
Tax, disputes, understanding what is actually profitable, and knowing what you sold to whom when they contact you a year later.
WHERE
Not only in your website database. Export periodically and keep copies you control.
Your gateway dashboard is an independent record of every transaction, which is invaluable if your own system is ever lost.
THE PRACTICAL MINIMUM
A business bank account, separate from personal Gateway records exported monthly Expenses recorded as they happen, not reconstructed at year end
WHAT PEOPLE REGRET
Not recording expenses as they occur. Reconstructing a year of receipts is miserable and usually incomplete.
BACKUPS
Business records held only on the hosting account are lost with it. Keep copies elsewhere.
GETTING HELP
Speak to an accountant about what you need to keep and for how long.
