How do I keep records for my business?

24 Nov How do I keep records for my business?

The first thing you should do is consult an accountant or financial planner as they will be able to answer your questions in much more detail than we can here.

That being said, at the very minimum, your records should show your tax returns, both federal and state, including income tax and Social Security, requests for credit from vendors or bank loans, and claims about the business in regards to selling it.

However, we suggest that you keep much more detailed records than this that include credits and debits for the day, payroll, etc. A professional financial planner can help you determine what you need for your specific business.