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Record keeping for a small business participant guide money smart for a small business curriculum page 2 of 18 table of contents.
Small business filing system template. An entry in your file locations list might be. Receipts and invoices. If your business is ever subject to an audit and you are unable to produce the required documents in. A nonexistent or messy filing system can add days of extra effort at income tax time as you don t want to miss out on tax deductions because of missing receipts.
For instance suppose that you use images video or even paper photos in your business. Great filing system template. Dealing with the paperwork is a large part of running a small business. Part of small business kit for dummies cheat sheet.
Filing receipts and invoices properly is one of the most important things a small business needs to do. Remember to include whether or not the file will be on your computer system an in house server in the cloud or filed in a physical location such as a filing cabinet. Keep the two types of information separate in your business filing system. A business will have different types of tax to take care of the main ones being payroll tax sales tax and income tax.
File documents relating to these different types of tax into their own tax sections within the business filing system. The following table suggests essential file drawers to label in an actual file cabinet or two and what must keep information to file in each. Record keeping ranges from simple manila folder filing systems to complex on line electronic systems.
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