To ensure proper record- keeping for your home- based business, it is important to maintain some of the important documents like
- Income records- invoices, sales receipts
- Expense records- receipts for purchases, utility bills
- Bank and credit card statements,
- Payroll records- if applicable
- Tax records- filed returns, supporting documents
- Contracts and agreements
- Insurance records
- Asset records
- Business licenses and permits
Maintaining organized and accurate records is vital for the success of your home based business. By maintaining all the above documents, you can effectively manage your bookkeeping, comply with tax obligations, and make informed financial decisions in future.