What You Need to Know About Small-Business Record Keeping

Intuit Small Business Blog, by Dave Clarke on March 3, 2014

Three little words can cost you a lot more  money than you might imagine — and they have nothing to do with “love.” When it  comes to keeping your business’s records, saving everything “just in case” can  prove to be an expensive proposition.

Maintaining records — legal, financial, employment, etc. — beyond regulatory  requirements not only costs time and money, but also may unnecessarily expose  your business to litigation.

If you are keeping every scrap of paper or email simply because you may need  it later, it’s time to change your M.O. A far better approach is to develop a  record-keeping strategy and execute it according to plan.

What’s Required by Law

The records you should keep vary based on your business,  industry, and location. But Diane Carlisle, executive director of ARMA  International, a leading authority on governing information as a strategic  asset, offers these basic guidelines: <READ MORE>

 

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