What records should you keep as a small business owner?

As a small business owner, what records should you keep?

1. Records to prove your income - such as sales invoices, pay-in slips 
2. Records to prove your expenditure - such as purchases bills, receipts, cheque butt 
3. Records of statutory payments made - such as Income Tax/EPF/Socso deductions. 

 Simple way to keep your records:

 Use separate files for:

1. Credit invoices 
2. Cash invoices 
3. Credit Purchases 
4. Cash Payments 
5. Bank Payments