Record Keeping for a Small Business participant guide money smart for a Small Business Curriculum Page 6 of 18 Keep Good Records The term "record keeping" refers to the orderly and disciplined practice of storing business records. Record keeping is one of your most important responsibilities as a small business owner.
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Good financial records are one of the most important assets of a successful small business. learn how to easily complete your small business record keeping.
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Business documents – Records that establish your right to conduct business, such as articles of incorporation and associated by-laws and business and tax-collection permits. Financial data – Records that reflect your financial dealings, such as accounts payable, accounts receivable, payroll records, and tax filings.
Identify software products available for small business record keeping.. Which of the following are reasons for keeping good records? Select all that apply. a.
Small business accounting is critical for all businesses that wants to properly manage their finances and actually stay in business. In this post we will take you through 10 essential accounting steps for small businesses, so you’ll know where to get started and what immediate steps to take.
Record-Keeping for a Small Business: Business Records Management – 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. Summary of receipts of gross income – totaled daily, weekly or monthly. Monthly summary listings of expenses,
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Businesses that claim travel, gift, and entertainment tax deductions should also keep original expense documentation. Retain purchase and expense documents for at least three years from the date you file your tax return. If, however, the business claims a bad debt loss, keep the records for seven years. Keeping Tabs on Your Assets