How Long Do (search engine optimization) You Need To Keep Business Records?

October 28th, 2008 admin Posted in business |

By Cash Miller

Businesses face many challenges but the one you never want to have to face is having to rebuild your records due to some unforeseen event. Having solid backups of your records is a must otherwise you could find yourself wasting precious resources and man hours having to reconstruct everything you lost. In addition you might find that your records are needed by your bank, your state or even the IRS should a problem occur. The following is a list of records and how long you should keep them. Even if you are no longer in business.

Some records need to be kept indefinitely. Records such as those of past employees may once in a while need to be dug out to help someone else. It could be that they have applied for a new job or unemployment benefits. You just never know what they might be needed for so don’t get rid of them.

Such records include: All corporation documents such as certificates of incorporation, your corporate charter, constitution and bylaws, minutes of board of directors meetings, deeds and easements, stock and stock transfer records, retirement and pension records, labor contracts, and license, patent, trademark and registration applications and any court documents or judgments. Financial documents that need to be saved indefinitely include income tax reports, annual financial statements, books of accounts, and income tax payment checks plus all documents relating to fixed assets owned by the company and depreciated over time.

Some records only need to be kept for a six year period instead of indefinitely.

Such records include: Sales records such as invoices, monthly statements, shipping papers, bills of lading and customers purchase orders. Company purchase records such as purchase orders and vouchers need to be kept. In addition you need to keep all travel records such as expense statements and receipts. Financial records that need to be kept include personnel and payroll records, such as payments and reports to taxing authorities, including federal income tax withholding, FICA contributions, unemployment taxes and worker’s compensation insurance as well as all bank reconciliations, voided checks, and check stubs.

And finally some records only need to be kept for the relatively short period of three years.

These records include: Monthly and quarterly financial statements plus any subledgers you may have.

It’s not just a good idea to keep back up records it is a necessary part of doing business. You really can’t afford to have something happen to such records. There are plenty of ways to keep back ups. Everything from stowing copies of your records in an off site storage to using a file management company. There is a solution out there that you can be happy with. Take the time to find it and then develop a process to regularly back up your files and store them for safekeeping. You might find that one day such a practice could literally save your business.

Cash Miller is an expert in small business affairs. To receive more tips that can help your business and allow you to crush your competition you can sign up for his FREE Newsletter. Once you’ve signed up your going to receive access to 5 FREE E-Books that can help your business prosper. And as a Bonus FREE Newsletter Members can expect to receive an additional FREE E-Book each week.

Your Idea Can Make a Change!
By Mira Williams

Well thats how most ideas begin with a completely unheard-of thought. The only difference between the ideas that made it and those that didnt was that their thinkers never-let-go attitude and practical realism.

Ideas are the cornerstones for progress. From the most basic invention the wheel to the rocket it has always been mans ideas of making things better and faster that has led to our progress. Ideas might have been laughed at, but eventually they had to be accepted, for without them, there is no progress. Every thing that is possible in todays world came from a single persons vision and mind. Thus, who are you to say that you cannot think, or have an idea?

Most ideas that were conceived at a certain time did not even have a requirement during that time. Look at cell phones when they were launched, no one had even thought of the possibility of having a device that you could carry around which might allow you to talk to people, whenever you want. Of course, a lot of research did go into actually making it happen. The vision had to be supported by knowledge and by effort to turn it into reality. However, it is important to not abandon the idea just because it hasnt been thought of before.

Once you think of an idea, it is important to work on it and turn it into a feasible business opportunity. It is important that your idea or invention should sell, in order that it becomes a success. Selling your invention or idea requires first building it well, into a feasible, profitable method, process or product that works. Then you need to find the right person to market or sell it to. This requires some amount of networking and communication.

There are unique websites that offer you a platform to post and share your idea with those who will be interested. They thus provide you with a target audience that is interested in your idea and gives it visibility. All this happens in complete privacy so that your intellectual property is safeguarded and protected against plagiarism. Sharing or discussing your idea with others will also give you more ideas or help better current ones.

Most websites also have an interesting and unique projects section, where those interested in buying an idea can create a project, seeking help from ideator like you. You thus get a ready launch or outlet for your creative faculty. Sharing your thought for original and innovative solutions on such projects might just help you make a grand success out of a great idea. All this by simple registering and thinking!

Welcome to IdeaAdz.com! Advertise your ideas to the world without fear of getting your ideas stolen: how to sell your idea, sell idea, invention marketing!

Your Online Guide Of Steps For Business