Business Records Keeping

Business records keeping is a general term for keeping and storing of accounting and tax records, records of customers, products, assets or legal documents. Keeping business records is one of the essential activities that every organization or entrepreneur to perform.

Business records keeping in practice: Some corporate records, such as tax records and accounting records are required by law, other business records are not mandatory, but they give an evidence or allow company operations, performing processes and overall company management. Good information is absolutely necessary for the company’s operations, because they help protect your business, increase competitive advantage and profit. The importance of properly kept business records increases with the size of the company.

Records keeping is either data about business objects (ie. master data), such as customers, vendors, people, assets, products, services - or changes and movements of these objects (ie. transactional data) such as customer requirements, goods movements of money or capacity changes of company resources. Here are the important information on dates and quantities (when, how, what).       You can keep your business records either in paper form or electronically in an enterprise software. It simplifies the creation, storage, sharing and protection of information and generating business reports. There is no single category of corporate software for keeping your business records - there is a variety of names (depending on what the software is for and which information contains), for example is called as the ERP system, CRM system, accounting, backoffice system, custom system, property or asset management software and more.

Basic business records usually are:

• Accounting and tax records (record keeping of tax documents and payments)
• Sales records (records of customer requests, invoices and other tax documents, business contracts, customer, their history, and more)
• Employment records (information about a person, employment contracts, benefits, personal development, education, job description, responsibilities and powers, abd connection to other business entities)
• Property records (evidence of movable and immovable property, who is responsible for what, records state property)
• Warehouse records (records of goods and materials, warehouse inventories)
• Risks and safety (safety and workplace safety incidents)