Contracts (with clients, vendors, partners, etc.).Business bank and credit card statements. Tax filings (annual, quarterly and monthly if applicable).Customer payments and transaction records.While this list is not all-inclusive, it will give you a good idea of the basic items you need to track and keep in your possession. Here’s a list of some commonly required records businesses need to maintain. Some types of documentation and information are required for all businesses and others may or may not be necessary depending on your industry. Regardless of the type of business you’re running, record keeping comes with the territory. Not only is it critical for assessing opportunities and risks that can affect your company’s profitability and potential for growth, it’s also necessary for ensuring legal and regulatory compliance. Question: What kinds of records do I need to keep for my small business?Īnswer: One of the most important administrative responsibilities small-business owners face is keeping accurate and current records.
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