Last week, we talked about “out with the old, in with the new”. We received feedback in high volumes from business owners. The overarching message was “I know there are some things I could take a look at- but where would I even start??”
Small businesses are notorious for failing to keep proper records. It is so easy to get bogged down with managing the day to day, perfecting your product, client retention efforts and attracting new business that you put essential documentation on the back burner. The back burner is a far too dangerous place to leave these things! Failing to keep proper records makes you more susceptible to personal liability, tax liability, civil action against you and/or your company and much more!
We cannot stress enough: Now that you have reached the end of another year, it’s time to take a look at your records and assess what needs work. There are certain records that are industry and business-entity specific, but there are certain types that EVERY business should maintain accurately: Organizational documents, Accounting and tax records, Contracts (for employees, contractors, vendors, suppliers and the like), Ownership approval of various transactions, Client Records and more. A safe rule of thumb: Each and every transaction that your business conducts- whether it’s internal or external- NEEDS to have documentation to support it.
Take a moment, sit down, make a list- and check it twice! Not only do you need to ensure that you keep these types of records but that you are in fact maintaining them properly. Protect your business! Proactive is the name of the game! Put together your list and contact C&G to assist you today!
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