Recordkeeping

Important business dealings and operations should be documented, kept well organized, and easily accessible. For example, every South Carolina business should:

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Is the company keeping good records of its income and expenses?  

Is the company keeping track of all of its contracts?  

Is the company keeping track of all employee records?

Is the company keeping track of all tax filings required?

 


Is the company keeping good records of its income and expenses? back to top

Always keep good records of its income and expenses. Failure to keep good records can cause nightmares at tax time. A record keeping system tailored to your type of business should be thorough and implemented as soon as possible.


Is the company keeping track of all of its contracts? back to top

Keep track of all of its contracts. Keep all contracts still in effect in a safe place. If you have no record of how the deal was structured, it is hard to win if you are wronged by the other party.


Is the company keeping track of all employee records? back to top

Keep track of all employee records. Employee records should be kept in a safe place and should be kept private from persons not authorized to see them. You should keep employee records to protect yourself from employees claiming something that was not agreed upon, at the same time you must guard against the negligent release of confidential information.


Is the company keeping track of all tax filings required? back to top

Keep track of all required tax filings. Tax records may be required to be kept for up to seven years. Make sure you understand applicable requirements before you destroy old tax records.

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