Having solid internal accounting controls is important to make sure your company’s financial operations run smoothly. These controls not only reduce the risk of fraud or errors but also keep your assets safe from loss or misuse. Internal controls also give you reliable financial data for making smart management decisions. So don’t forget to these safeguards in place!
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In a business of any size, financial reporting is critical to the success of the organization. Why are financial statements important? Because when stakeholders need a clear financial picture of your organization, financial statements are the first thing they turn to. The process of financial statement preparation is an important one to be familiar with, whether you require these statements annually around tax time, or on a more regular basis.
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Going paperless is becoming standard in the business world. If your company has not converted to electronic filing, now is a great time to understand the benefits of digital documents and what steps you can take to implement an electronic filing system.
Digital copies won’t deteriorate. Over time, paper documents can fade, fall apart, incur water damage, or disappear altogether. On the other hand, electronic documents that are added to a filing system will stay in the same condition forever.
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In a business of any size, financial reporting is critical to the success of the organization. When stakeholders need a clear financial picture of your organization, financial statements are the first place to which they turn. The process of preparing financial statements is an important one to be familiar with, whether you require these statements annually around tax time, or on a more regular basis.
Before we dive into the preparation of financial statements, first let’s explore what exactly they are and what they’re used for.
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As tax season comes to an end and you file away your records, you may be looking at your ever-growing file cabinet and wondering, “can I get rid of some of these documents?” While there are many reasons to keep or discard certain paperwork, there are some documents you should never throw away! (IRS Tax Returns and supporting documents should be kept for 5-7 years, by the way.)
Below are the 9 paper documents you should keep forever in their original form:
By now, you’ve received (and sent out) various tax documents, statements, and even email notices advising where to retrieve your tax documents. So much information . . . how to organize it all? Here are a few tips on how to organize the source documents and tax information you create and receive.