Record Keeping Basics
Tools for record keeping
Audit proof your business - Internal records
Summary of required documents
Accounting software is the most efficient way to keep track of:
- Sales receipts
- Invoices – accounts receivables
- Bills – accounts payable
Outside of these 5 categories, accounting software do an okay job of keeping other information. One point of confusion for business owners is they think accounting software should do everything. The good news is with apps, you can increase the efficiency of your accounting software.
It is important to review the details in your software often as its very easy for the information to get jumbled up and turn out bad reports.
Do not trust what your financial statements without reviewing the details that make up the number!