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Keeping business records helps sustainability: MoF

KEEPING records may help in the development and the sustainability of a business for the long term, according to an expert.

 Azim Hassan of the Ministry of Finance (MoF) said that the Record Keeping (Business) Order 2015 governs the keeping of records for businesses and for other purposes relating thereto or connected therewith.

He shared his views in an interview during a briefing attended by more than 100 business owners from the Belait District recently.

Held at the Kuala Belait Convention Centre, the briefing focused on the online Registry of Companies and Business Names (ROCBN) and the Record Keeping (Business) Order, 2015.

“All businesses are required to maintain and keep records of all their transactions carried out in respect of the business for at least five years from the date of transaction, and this is a good initiative by the Ministry of Finance to help businesses in Brunei Darussalam,” Azim said, adding that there are various benefits that come with record keeping.

Firstly, “with all the past transactions kept in a record whether it is in electronic or physical format, it would be easy for a business to keep track of their performance, and help them make better decisions accordingly.”

Another advantage which was mentioned to help business develop is that with better organisation of records, it can promote transparency for the company towards expanding the business and with the added value of decreasing the risk of losing what could possibly be vital information.

“Businesses can expand with good record keeping which can be done internally by the business or externally ie a third party which provides book-keeping and accounting services. With good record keeping, businesses can also obtain finances from financial institution such as for bank loan or to attract potential investment,” said the finance officer, adding that online businesses can also benefit from it.

During the question and answer session, one of the most commonly asked questions was on confidentiality.

In response, the Ministry of Finance assured the business owners that the authorities will maintain the business records’ confidentiality unless the information is required for prosecution; statistical purposes; and exchange of information under any arrangement made between Brunei’s Government and foreign governments.

Also present at the briefing were members of the Legislative Council for the Belait District, YB Haji Mohd Yusof bin Haji Dulamin, YB Haji Mohd Shafiee bin Ahmad and Chairman of the Kuala Belait-Seria Municipal Board, Haji Ali bin Matyassin.

 

[Courtesy: Borneo Bulletin, 9th October 2015]

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