Think about what records are important to your business. Your situation is no different from any other business. Everyone has the same need for recordkeeping. You need to be able to document what your business did. It may be because your accountant wants to verify numbers before he puts your taxes together. It might be because your bank wants to do a field audit. It might be because your customer is looking for verification for a shipment they received.
Documentation is the backbone of your business. If you can’t document what you’ve done, then you can’t verify that your reports are accurate, and you can’t make decisions on how best to run your business. Let’s look at some records you should be keeping.
But it isn’t necessary to keep most documents forever. You can easily become a Records Hoarder. Company file rooms are filled with old shipping and receiving documents, invoices, employment records, contracts that go back to the beginning of time. If you feel warm and fuzzy about keeping them, OK, but there is no legal requirement here. In actuality, they are a fire hazard and an expense.
What are the PPP Loan Forgiveness Rules You Should Know? By now you have probably heard about the Paycheck Protection
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