17 Which Business Records Do You Need To Keep And How To Set Up A Record Retention Policy

Описание: 17: Which Business Records Do You Need To Keep And How To Set Up A Record Retention Policy For Your Small Business, Whether You Are A Solopreneur, Small Business Owner, You’re A Virtual Online Bookkeeper Or Are A Virtual Assistant Or VA

When you own your own business, you know how quickly the paperwork can start to pile up. It’s great to have processes in place to make sure you are handling all the day to day tasks, but once you tackle those obligations, what do you need to do with the documentation? This is where record retention policies for your small business are valuable. Once you set up these policies, you as a solopreneur, small business owner, virtual online bookkeeping business owner or virtual assistant can easily find the answers you are looking for. Should you keep a particular document, or is it okay to destroy it? How long do you need to keep documents? Are some documents more important to your small business than others? Is there a way to retain documents in QuickBooks? And, does it matter if you store your records electronically or in hard copy? In today’s episode, we are diving into each of these questions and more. If you feel like you are swimming in an ocean of paperwork and want to finally find out what you should be doing to get in control of all of it, listen in and before you know it, you’ll have your policies set up and you’ll know exactly where to put your documents so you can find them easily and how long you need to keep them.



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Show Notes:

When you own your own business, you know how quickly the paperwork can start to pile up. It’s great to have processes in place to make sure you are handling all the day to day tasks, but once you tackle those obligations, what do you need to do with the documentation? This is where record retention policies for your small business are valuable. Once you set up these policies, you as a solopreneur, small business owner, virtual online bookkeeping business owner or virtual assistant can easily find the answers you are looking for. Should you keep a particular document, or is it okay to destroy it? How long do you need to keep documents? Are some documents more important to your small business than others? Is there a way to retain documents in QuickBooks? And, does it matter if you store your records electronically or in hard copy? In today’s episode, we are diving into each of these questions and more. If you feel like you are swimming in an ocean of paperwork and want to finally find out what you should be doing to get in control of all of it, listen in and before you know it, you’ll have your policies set up and you’ll know exactly where to put your documents so you can find them easily and how long you need to keep them.


Welcome Back…Today we are talking about records retention. Setting up a records retention policy for your business is something all business owners should do, but to be honest…many small businesses owners are unsure about what documents they need to retain, how to keep those records and what’s the best way to store the documents they ultimately decide to keep.

When setting up your records retention policy, take into consideration what the IRS is looking for as well as any other requirements you may have in your business such as requirements from your insurance company. You may also want to keep records for any lawsuit, claim or work-related accident for a longer period than generally recommended. Your business ownership records should be kept indefinitely. These would include business formation documents, annual meeting minutes, by-laws, stock certificates, lease agreements as well as permits and licenses just to name a few.

Create a retention policy for documents like your business tax returns, financial statements, payroll tax records, employee files, job applications and human resource files. You will also want to have a retention policy in place for any supporting documents.

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