It's important that your accounts are accurate and up to date, and that they are backed up with detailed records, such as receipts, invoices and purchase orders, payments in and out, etc. See the page on keeping accurate records in our guide on how to set up a simple profit and loss account for your business.
Following careful record keeping procedures can also help you to prevent fraud or theft. As businesses grow and take on more workers, the risk of theft or fraud can increase. There are steps you can take to reduce the risks.