Record Keeping Basics
Tools for record keeping
Audit proof your business - Internal records
Summary of required documents
When to start keeping records
In the beginning
Record keeping should start from the day you think of starting a business.
In the beginning, logging your ideas and actions in a journal is sufficient. In addition to keeping a log of ideas:
- Keep track of all expenses that take place during the brainstorming process.
- Find a good accountant
- Discuss your ideas and expenses with your accountant. Your accountant might be aware of ways you can save money either by lowering your tax bill or by making good suggestions.
Once the business is open
Once the business is open, you will need a create a system of capturing all events that take place in your system. This is what the rest of the training is about.