Your record-keeping should be integrated into your daily schedule; What Business Records to Keep. Take record keeping seriously. A perfectly adequate record keeping system for a small business might include some or all of the following: Check register – preferably a separate bank account for your business.

How Long To Keep Tax Records For A Small Business –  · What types of books and records should be kept to keep from getting beat up by an overaggressive auditor n an IRS examination. The tax code requires that taxpayers that own a business, IRS rules require that every person liable for any tax, keep adequate books and records to determine, gross income, deductions and credits.

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Basic Bookkeeping for Your Small Business. Using the source document(s) for every transaction, the bookkeeper makes the first, or original, entry into a journal and then into the business’s accounts. The journal entry records the whole transaction in one place; then each piece is recorded in the two or more accounts that are affected by the transaction. Perform end-of-period procedures.

How to Keep Accurate Records for a Small Business Record immediately any income incurred by your business. track business outflows by making as many purchases as possible with electronic payments. Measure worked hours on the part of all salaried and hourly employees, Keep additional records on.

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All businesses generate paperwork, and once your business is closed, the question of how long to keep those documents must be addressed. The Reasons For Keeping Records Government agencies, such as the Internal Revenue Service and state treasury departments, are the most likely entities that could request various past business documents.

Payroll Accounting. Keep detailed payroll records to ensure the restaurant submits accurate withholding and employment tax amounts. With the exception of a restaurant manager, most employees are paid hourly and earn a portion of their wages in tips. Require employees to report tips on time cards or a separate tip reporting form,

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Keeping business records can be daunting at first. The key is to break things down into a series of straightforward, manageable tasks. Then you can access and update them on a regular basis, rather than letting the paperwork pile up. Every business must keep records for as long as required by the law.