WHAT RECORDS DOES YOUR BUSINESS NEED TO KEEP?

Effective record-keeping is essential for any business to ensure compliance, track financial health, and facilitate strategic decision-making. Start with financial records, including income statements, balance sheets, and receipts, to monitor financial performance. Maintain detailed records of expenses, invoices, and receipts for tax purposes. Employee records, such as payroll information and contracts, are crucial for HR and legal compliance. Keep customer and vendor records to streamline communication and transactions. Additionally, document licenses, permits, and legal agreements. Regularly back up digital records and store physical copies securely. By maintaining comprehensive records, businesses enhance accountability, transparency, and long-term success.

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