Business - Records

A piece of data or content of information maintained for a legal purpose. 

Physical Records are the records that we can touch. They take up physical space. They can be paper copies or electronic copies. 

The period of time reflected in financial statements.

These can be measured: 

• Annually 
• Quarterly  
• Monthly 
• Weekly 

Specific objective goals that are set timely to be applied to the performance period in respect of any one or more of the business criteria and if these are being achieved.  

• Monitoring production levels, stock levels and indicating inefficient costs 
• Identify capital tied up in assets 
• Track/forecast production against sales 
• Efficiency monitoring e.g., evaluate performance against competitors 
• Access relevant information for business e.g., to inform a budget 
• Statistics for review using review periods 
• Annual updates to review projections 
• Monitoring profit and income 
• Inform decisions regarding growth of the business 
• Monitor staffing levels, financial climate and business growth including decline 
• Identify recruitment needs 

Changes that resolve and issue or problem.

A way of measuring the intensity with which the business uses its assets to generate gross revenues and the effectiveness of producing, purchasing, pricing, financing and marketing decisions.  

An instruction given to your bank to authorise a payment for a set amount to another UK bank or building society account.  

You set up the payment and don’t have to sign a contract from another business. 

A payment regularly debited from your account that has been previously authorised. 

Set up by a business but you have to sign a contract to allow them to take the money. 

Online payments.

The recipient of the check pays it into their account and the banks of the recipient and the payer arrange for the money to be moved from the payer’s account to the recipients.  

The recipient of the check pays it into their account and the banks of the recipient and the payer arrange for the money to be moved from the payer’s account to the recipients.  

• Revenue, profits, cost 
• Quality 
• Service speed  

• Documents that we have in place taking into account regulatory requirements and security practice 
• Need to be filled in daily. 
• Can ask for up to 3 years' worth of records, but will generally ask for around 6 months' worth. 
• Will be required for zoo license inspections  
• Should be formally reviewed every 2 years 
• Can include diet sheets, temperature and humidity records, travel records, breeding records, bedding materials, enrichment, vet visits, medication records, substrate records and cleaning schedules. 

• The items we have in the business to sell or what we need to run the business.
• Usually done by the manager that is on duty.
• Monitoring against targets:
  • identify missing items
  • tracks capital tied up in stock
  • reduces waste
  • correct amount of stock 

Till Receipts: details items sold, quantity, price of each item, total amount paid and payment method. 

HMRC requires payment receipts to be kept up to 6 years unless you are in retail then it is suggested you keep them up to 3 months. This is because the customer can question the transaction up to 3 months after the purchase.