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~Bookkeeping and Record Keeping~
You must keep good records. This will come in handy if you are ever audited, or if you just need to find information fast. Proper bookkeeping and record keeping is important to sustaining and expanding a business.
You can use any method that you wish for your record keeping and bookkeeping practices, so long as they are organized and they include at least the following information:
- Revenues and Expenses
- Cash Expenditures
- Inventory Records
- Accounts Receivable
- Accounts Payable
- Employee Records
You may have other types of information that you need to keep records on for your particular business. Just make sure they are kept in a safe place, in an organized fashion.
It is also adviseable to have copies of these records in a place other than your office, or the building that houses your office, in case of fire, theft, etc.
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K. Williams Resources
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