Business Record Keeping in Bangladesh

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Adequate records of all business transactions conducted in every business in Bangladesh must be kept. It is important business record keeping in Bangladesh because it enables you to easily ensure your company’s valuable profits.

 

NetworkBD provides business records keeping service in Bangladesh. You should keep business records for at least seven years from the date of transaction. In Bangladesh, not keeping proper records is considered a crime and includes if the business record is insufficient.

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Enjoy 6 Benefits To Record Your Business With Us

 

1. It gives you overall control of your business.

2. Accurate records help you better manage your financial planning and decision making.

3. It gives your business a more professional image, which makes it easier to transact with banks.

4. It enables you to file proper tax returns.

5. The audit and compliance costs of your company are much lower if all records are readily available.

6. It makes it easy to detect theft and loss in your business.

Why Choose Network BD To Record Your Business

 

 

Maintaining and maintaining accurate business records in Bangladesh NetworkBD will be able to easily identify and verify your managed transactions from start to finish through your accounting system. It saves you a lot of time in the long run. If you have just started a business in Bangladesh, or are already running an existing business, here are some things we can do to improve your business record keeping skills: 

 

1. Constantly looking for ways to improve the accounting process.

2. Avoid holding and maintaining records at the last minute.

3. Create ledgers as a regular part of your business routine.

4. Keep books up to date.

5. Keep your records in an organized manner, it makes it easy for you to quickly access the information you need.

We offer Dynamic Accounting Record Services For You

 

NetworkBD requires that every company in Bangladesh must have adequate and accurate records. Records can be in English, or in Bengali. The records must be as accurate and as detailed as possible to ensure that the company’s revenue and expenses can be easily assessed. NetworlBD keeps records in the following waysways:

 

1. Paper-based method

2. Computer method

Get 11 Record Methods To Be Kept For Accounting Purposes

 

 

NetworkBD keeps a record of the following documents to a company in Bangladesh:

 

1.Vouchers

2.Invoice

3.Receipt

4.Bank documents

5.Accounting book recording receipts and payments

6.Income and Expenditure Recording Accounting Book.

7.A record of any assets and liabilities of a person related to that business, occupation or business. An example of this could be an invoice that has been received, or a receipt for a payment and a purchase and sale agreement.

8.Records where trade, occupation or business services are involved (a complete record of all services must be provided in sufficient detail; records must be properly maintained and prepared).

9.A record of all entries from the daily sum of any received and spent money related to trade, occupation or business.

10.Maintain sales and purchase records with full details of all products purchased and sold. Invoices must show details of product transactions, buyers and sellers.

11.Any statement of trading stock that is in the hands of the person at the end of the accounting period. All records of stock acquisitions from which any statement of trading stock has been prepared must also be properly recorded and maintained.

 

These records are not required when you file your company’s profit tax return, however, NetworkBD has the ability to request the documents listed above if deemed necessary. To stay safe, a business should create a written record of each single business transaction so that sufficient details are provided.

Ensure Your Business counts With 5 followings In Your Records

 

 

 

 

1. List of debtors and creditors

2. Take stock statistics

3. Underlying documentation for verifying entries in the book of accounts

4. Product quantity and quality

5. Identification of sellers and buyers.

 

You will also need to keep a record of your bank account. It is highly recommended that you maintain individual business and personal bank accounts. NetworkBD will provide you with the following records related to your business bank account:

 

  1. Bank statement
  2. Receipt of deposit
  3. Check Butt Dealing
  4. Details of purchased products and services
  5. Date of payment
  6. Name of the recipient
  7. Amount of check
  8. Details about whether the expenses were for business or personal matters

FAQ For Business Record Keeping in Bangladesh

When it comes to business tax records, how long should you keep them?

Keep business income tax returns and supporting records for a minimum of seven years after the return’s tax year. For a period ranging from three to seven years from the date you first filed, the IRS can audit your return, and you can modify your return to claim additional credits.

When it comes to company records, how long do you have to retain them?

If you have losses from previous years of assessment that have been written off against profits in subsequent years, it is a good idea to maintain all records for at least 7 years following the year in which the losses have been entirely set off. All businesses are required to keep records.

When is it necessary to maintain accounting records?

You must preserve records for six years from the end of the most recent company financial year they pertain to, or longer if they reflect a transaction that spans multiple accounting periods. You sent your Company Tax Return late because the company purchased something that it anticipates to last more than 6 years, such as equipment or machinery.

Small firms preserve what kinds of records?

The eight guidelines for preserving records in a small business Receipts, bank statements, invoices, payroll records, and any other documentary evidence that supports an item of income, deduction, or credit indicated on your tax return should always be kept.
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