Your recordkeeping system should include a summary of every transaction that takes place in your business’ name. Make sure you maintain and update a summary of all business transactions. How to log and track your business tax records It’s best if you allocate certain your business books, accounting journals and ledgers that have spaces where […]
Tag: Record Keeping
The Problems with Incomplete and Disorganized Records
An unorganized and inefficient payroll process is a recipe for eventual disaster. If you rely on paper processes, both manual data entries and a massive number of spreadsheets can yield more errors than most people realize. Plus, those mistakes may not only take weeks or months to uncover, but they take a long while to […]
Keeping Meticulous Records Is The Key To Tax Deductions And Painless IRS Audits
If you operate a business, or you’re starting a new one, you know you need to keep records of your income and expenses. Specifically, you should carefully record your expenses in order to claim all of the tax deductions to which you’re entitled. And you want to make sure you can defend the amounts reported […]