Record Keeping

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Record keeping for your business is one of the most important aspects of managing your business. Financial record keeping consists of keeping a general journal in standard accounting format as well as producing proper financial statements. A Profit & Loss (P&L) and Balance sheet are essential tools to evaluate the effectiveness of your business. Besides Financial record keeping there are other essential records that should be kept. All documents associated with the forming of your business should be preserved and maintained. This includes Articles of incorporation, IRS forms and correspondence such as SS-4 form, Meeting Minutes, bylaws, Insurance, etc.

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Standard Accounting formats should be adhered to ensure that your records are discernable. If you are unfamiliar with Bookkeeping, accounting methods and financial reports you can try taking a short introductory Accounting course, or you can hire an experienced bookkeeper.