What Kind of Records Do I Need to Keep In My Business?

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If you own a business there are certain records that you should keep for tax purposes. There is no specific record keeping method to use, as long as it clearly shows your income and expenses. Some businesses make use of outside accounting services or rely on internal electronic accounting software programs for their records, but you should still keep original documents for certain ones just in case original documents would be needed.

Actually, the type of business you are in affects the type of records that you need to keep. You should make sure to include a summary of your business transactions and your books need to show your gross income along with your deductions and credits. The business checkbook is usually the main source of entries in the business book for smaller business. Other important records that you should keep are as assets, entertainment, travel, transportation and gift expenses. All gross receipts and purchases should also be kept on record. Supporting documents such as deposit slips, sales slips, paid bills, invoices, canceled checks and receipts contain information you need to record in your books. It is important to keep all documents in a safe place and make sure they are organized in an orderly fashion to allow for easy access.

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