Financial Records to Keep

As a small business owner, you probably know how important it is to keep all your receipts and invoices. However, you also have to make sure you keep the following as well:

● Payroll records
● Bank and credit card statements
● Investment statements
● Tax returns

These records should be nicely organized in either a filing cabinet or in an online cloud software so that you can easily access these documents and save yourself from any potential headaches. This is especially true if you are ever subjected to an audit.

As a business owner, you are required by law to keep your financial and tax records for six years after the tax year in which they were received. It’s recommended that these archived records are saved in both paper and digital formats for added security in case of events like theft or fire. Any record older than six years can be securely disposed of by hiring a professional document shredding company or completely deleting or condensing them online.