As a well-informed entrepreneur, you know that detailed and organized record keeping is part of the business of owning a business. You need to do this for multiple reasons: financial planning, legal compliance, tax preparation, and understanding how well your business is doing overall. But which documents do you need to keep, and how should you store them? Here are some things to know about keeping detailed business records.
Some of the types of records every entrepreneur should keep include:
Half the battle of keeping your records organized is knowing how to store them. Before the arrival of the internet, business owners kept paper documents in boxes or filing cabinets. Today, most businesses can operate far more nimbly with digital records using cloud storage and cloud backup.
The US Chamber of Commerce recommends that business owners keep paper records of things like passwords, contracts, licenses and permits, financial documents, tax records, business documents, and your company goals and values. For everything else, there are many good reasons to opt for cloud storage:
Enrolling in a business accelerator program and working one-on-one with a business coach is an excellent way for entrepreneurs to learn about effective record keeping. If you own a small business in the Northwest Chicagoland area and are ready to accelerate your business growth with coaching, consider applying for admission to our business accelerator program with Next Level Northwest.
Next Level Northwest is a business acceleration public-private partnership serving the Northwest Chicagoland region. We support regional and local businesses through collaborative and innovative initiatives to help grow the economy. Download our Program Overview PDF here.
Ready to take your business success to the next level and become a Next Level Northwest graduate? Download and prepare your application following this process today!