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All businesses are required to keep financial records under the rules of Self-Assessment. The easiest method is by a simple cash book system showing income and expenditure. This can be done manually or by computerised systems. You need to understand where income is coming from and where expenses are going. A business is about producing profit and generating cash. How do you know when this happening or not? If there is no control mechanism the chances are, you will not know until it is too late.