Record Keeping Basics
Tools for record keeping
Audit proof your business - Internal records
Summary of required documents
Why keeping good records is important
Record keeping is the discipline of keeping track of what is going on in the business. The goal of good record keeping is to:
- Provide information that will help you make good business decisions.
- Meet your legal obligations to the tax authorities
Record keeping is useless if good information cannot be pulled from the records.
It is important you do not fully delegate the record keeping function. You are responsible for knowing what’s going on in your business. If you never look at the records, or understand how it is done, it becomes easy for money to leak out of your business, without your knowledge.