In Jamaica ,whether a business is operated as a company, self-employed entity, partnership or any other type of organisation, good record keeping practices should be adopted for several reasons.
Based on Jamaica's self-assessment system, if a business is selected for an audit, the business operator would be asked to produce records to verify the information filed on the Income Tax Return(s). Once the business person has proper records, then the tax auditor would be able to quickly examine the records produced, and make a determination on the accuracy of the Income Tax Return filed.
Each year business operators are required to submit their final Income Tax Returns . While filing tax returns are important, business operators are also reminded that it is critical for them to keep records of their business activities, such as sales receipts, purchases invoices, payroll records, utility bills, transportation expenses, rent receipts, bank statements and all other business and administrative expenses.
Although business persons are not required to submit supporting records along with their Income Tax Returns, it should be noted that under the Income Tax Act they are required to maintain proper records, in English, for a minimum of six years. The records should then be made available to the tax authority, if the person's income tax return is selected for an audit or if they are asked to verify their income or expenses.
To fulfill this requirements in a cost effective way a proper Accounting software is necessary. Easybooks can help
Jamaican Small Business maintain proper Accounting Records
Get started easily
No accounting experience needed— a simple, online guided
application gets you set up quickly, then familiar forms for receipts,
payments, invoices and more make it easy to begin working right away. Free
product support, detailed help topics give you all the support you'll need.
No software hassles
With Easybooks, there is no software to install. Simply sign
in from any Internet-connected PC. You'll never have to upgrade your software
again as improvements to our product are included with your subscription —
you're always on the latest version.
Customer data
at-a-glance
Customer Center keeps your information in one place,
bringing you one-screen access to your estimates, invoices—even contact
information—customer-by-customer. Instantly, you'll see how much you've billed,
how much they've paid and how much they due to you.
Work from the office,
home, or the road
With Easybooks, you have the freedom to work where and when
you want — you're not bound to a single physical location. Our users love the
convenience of printing off an invoice from a client's office, doing a quick
job on the weekend without having to drive to the office, or checking in while
traveling. You get anytime, anywhere access from any Internet-connected PC.
Create and send
purchase orders
For fast and accurate billing, create and print or email
purchase orders right from your Easybooks account — enjoy a streamlined,
automatic tracking system for your business purchases.
Your data is safe and
secure
To ensure your data's security over the Internet, Easybooks
uses the data-encryption technology. Easybooks use SSL 128 bit data encryption
provided by VeriSign. The same level of security used for online banking and
investing.
Extensive access control.* Restrict access to the
transactions and reports you deem appropriate.
Data backups done hourly, saved to offsite media daily.
All servers, data-storage devices and hardware are kept at a
secure offsite location.
For
additional guidance please contact UHY Dawgen at one of our 4 strategic locations in
Jamaica. There are five easy ways to contact us. Simply call, email, fax, write
or just stop by.
Unit 34, Winchester
Business Centre, 15 Hope Road,
Kingston 10, Jamaica, West
Indies
Telephone:876-9084007/7542074/
9064827
(International
No.USA) 937-7-DAWGEN(937-7329436)
Fax:7540380
Email:info@dawgen.com
BRANCHES
Shop EU6, Whitter Village,
Ironshore, St. James
Telephone:
876-876-9533793/953-8486 Fax: 953-3058/7540380
Email:infobranch@dawgen.com
Shop C1, 101B Main Street,
Ocho Rios, St.Ann
Telephone: 974-7148 Fax:
754-0380 Email:infobranch@dawgen.com
Shop L1 &
K1,Grove Court Plaza, 16 Park Crescent, Mandeville, Manchester
Telephone: 962-6369 Fax:
754-0380 Email:infobranch@dawgen.com
UHY Dawgen is a member of
UHY, an international association of independent accounting and consulting
firms, whose organising body is Urbach Hacker Young International Limited, a UK
company. Each member of UHY is a separate and independent firm. The services
described herein are provided by UHY Dawgen and not by Urbach Hacker Young
International Limited or any other member of UHY. Neither Urbach Hacker
Young International Limited nor any member of UHY has any liability for
services provided by other members
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