No one likes to sift through mountains of paperwork, but in order for your business to function and flourish, meticulous record keeping is a must.  

What is the best way to organize your important company records? Keep in mind that record keeping must be systematic and easily accessible to you at all times. In order to make these documents quickly retrievable, be sure to file them in a fashion that is both logical and orderly. As computers have been known to crash, keep hard copies of all important e-mail documents on file.

What kind of records are the most important to keep and file? Here is a list of some of the most essential records it pays to maintain.

• Correspondence - Make sure to keep correspondence sent and received by mail, fax and email in hard copy form. File these documents systematically in relevant categories/folders.

• Contracts – It is vital to keep and file all contracts that you have signed, from real estate and equipment leases to sales or joint venture agreements as well as other relevant agreements.

• Accounting and bookkeeping records – Accurate accounting and bookkeeping records are vital to your company’s success because they afford you with a fuller understanding of your company’s status and are essential for tax purposes. In this category are income statements, balance sheets, sales and expense information, inventory, ledgers, cash flow statements and other relevant financial statements.

• Bank records – These records include all documents related to your company’s banking including bank reconciliations, bank statements, cancelled checks, deposit slips, notices from and to your bank and loan-related documents. Here, too, it is vital to file the documents in an orderly and systematic fashion.

• Marketing and advertising records – By maintaining marketing and advertising records you can accurately trace all advertising efforts made by your company to date. These records include marketing brochures, white papers, ads, banners and newsletters.

• Tax records – It is vital to perpetually keep track of all tax records. Such records include quarterly and annual federal and state income tax filings, records supporting tax filings, W-9 filings for independent contractors, and other tax-related documentation. Never allow yourself to be surprised by the demands of the various tax authorities.