When you're running a growing business, it’s tempting to overlook the matter of keeping receipts and other financial documents. But staying on top of your record keeping is essential for filing tax returns and being able to prove they’re accurate in the event of a tax audit.
What’s more, well-organized records can help you track the progress of your business and prepare accurate financial statements.
What constitutes a record? The short answer is, if you think it’s one, it probably is. Cash register tapes, bank deposit slips, receipt books and credit card slips all record important information. A 1099 miscellaneous-income form is the kind of document you’ll want to keep, as are your invoices.
To read the full, original article click on this link: How To Keep Good Records
Author: Steve Garmhausen
