Mind Your Own Business
In order to have a successful company, all business owners must keep records pertaining to their business operations. Government agencies such as the Internal Revenue Service also require business owners to maintain accurate records to prove the income and expenses claimed on tax forms. Although large companies may use a Certified Public Accountant, or CPA, to maintain business records, smaller companies can manage their own records with some education and training.
The above are just a few examples of the most common types of business records that must be kept by business owners. These records are vital when applying for bank loans, filling out tax forms, and for occasional analysis by business owners to review how the company is doing and what direction it is going in. To help with recordkeeping, there are many choices in accounting software, hiring a bookkeeper, or using a CPA.