who maintain the records?


Joined
Jun 2, 2010
Messages
4
Reaction score
0
the accounting functions of my company are outsourced. Somebody does the tax reporting, payroll, remittances, etc. Now, all the records pertaining to accounting are maintained by the external accountant. Is it necessary that the records be maintained by them? I mean, should my company retain the records like the bank statements?
 
Ad

Advertisements

Joined
Jun 13, 2010
Messages
19
Reaction score
0
I believe that you should retain your own records (source documents). Who is ultimately responsible for your financial statements? You are. If you need to justify or defend your financial statements, you should have the source documents to refer to. You should provide the source documents to your outsourced accountants, and then pick them up when they provide your financial statements. If they want to keep a copy for their records, they should scan the documents for their own archive.

I hope this helps.

Russell
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top