KEEPING good records might not be the most exciting aspect of running a business. But, when it comes to growing your business, it is one of the most important says HM Revenue & Customs (HMRC).

To get this message through to small businesses, HMRC is sponsoring ‘The Business Inspector’, a four part series airing on Five, which aims to raise awareness among small businesses of the need for sound business practices such as keeping good records.

The series is presented by Hilary Devey, a former C4 Secret Millionaire and chief executive and chairman of palletized freight distribution business The Pall-Ex Group which she built up into a multi-million pound business. The four-part series starts tonight (17 March) and will be broadcast weekly on Five at 8pm.

Part one sees Devey go into struggling businesses and reveal how improving their business systems, such as keeping good records, managing cashflow and developing a marketing strategy, can help turn around their fortunes.

Stephen Banyard, HMRC’s business customer unit director, said: “Failure to take reasonable care costs the Exchequer over £6bn a year with poor record keeping a major cause. We hope this series will raise awareness of the need for good record keeping.

“We also want businesses to realise the benefits to their business – such as improved cash flow – of taking better care of their records and paperwork.”

Further information

If you want to understand more about what is required, we host a video on good record keeping on the HMRC banner ‘get your tax right‘.

You can also read the Editor’s Blog Good record-keeping makes a good business.

Small business focus for Five business show