By Susan Guillory –
You know that good recordkeeping is part of running a small business, but you aren’t sure how long to keep business records and documents. The last thing you want to do is shred some business documents that you later need… but at the same time, you don’t want to hang on to a lot of paper unnecessarily.
In this article, we look at different types of business records, why it’s important to hang on to some of them longer, and what the timeframe is for keeping them.
What are Business Records?
“Business records” is a broad term that encompasses any documents, invoices, or receipts that are involved in running a business. Let’s look at different categories of business records.
Accounting Records
There are a variety of financial records and reports that you use in bookkeeping, including: (more…)