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Know your Accounting

Once your business is up and running, it is important to keep your accounting records updated. Start by setting up a basic bookkeeping system, choose the payment methods you wish to offer, and learn how to write receipts, invoices, and itemized billings.


Why do you need a booking system?

A bookkeeping system can help you keep records for various reasons. These include analyzing business activities, attracting investors, seeking finance, recording and paying tax as well as meeting your reporting requirements.


Is it required by law?

Under tax law, you're required to keep records relating to income tax, VAT, payments to employees and business payments.


How do you set up a bookkeeping system?

It might be difficult to set up your own system without accounting background. So if you need help getting started, contact your accountant, bookkeeper or business advisor. Once your system is set up, with the proper training you can take control of your finances.


  • Understand the different bookkeeping systems (Download PDF)
  • Check out our list of proposed accounting systems (Download PDF)


It is important to consider what payment methods you will offer when you start your business, and review it regularly to see if you are keeping up with your customer's payment preferences and if you are meeting the needs of your business.


  • Learn about the different types of payment methods (Download PDF)


Before you can collect payment, you may need to provide the customer with an invoice outlining the goods and services that you provided.

Once payment has been made you'll also need to offer the customer a receipt confirming their payment of goods or services. 


  • Template for writing an invoice (Download PDF)
  • Template for writing a receipt (Download PDF)
  • Template for writing a payment voucher (Download PDF)
  • Template for writing a debit note (Download PDF)
  • Template for writing a credit note (Download PDF)
  • Template for writing a journal voucher (Download PDF)
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