Record Keeping | The Biz Knows

Record Keeping

Accurate recording keeping plays an important role in your business. Not only does it make tax preparation easier, but also aids the business owner in assessing the wealth of the organization, and how to best allocate funds. Your record keeping system should be easy to comprehend, and kept in a manner that works best for you. There are multiple ways of maintaining you records. Using spreadsheets is an option which may be easy for small businesses, with limited activity, but may become difficult to manage with mid-size to large organizations or those with a lot of happenings. Many different software programs are also available to assist you such as Quicken by Intuit, and Microsoft Money. Regardless of which method used, be sure to keep accurate and detailed records.

It is also important to remember to keep all information in one central location. Then, schedule time on a weekly or monthly basis to reconcile and organize details. This will eliminate the need for it to be done at the end of the year.

It is customary to keep paperwork for at least 3 years; however it may be beneficial to keep some information longer. Be sure not to include any personal information or documents that aren't related to the business.

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