Why This Matters

Business records are not just for tax season.

They help you:

• Track income and expenses

• Prepare accurate tax returns

• Support deductions

• Monitor cash flow

• Prepare financial statements

• Apply for financing

• Make better business decisions

The more organized your records are, the easier it is to understand what is happening in the business.

Common Mistakes

• Keeping only bank statements

• Throwing away receipts too quickly

• Mixing personal and business records

• Relying entirely on email searches later

• Saving documents without a consistent system

• Failing to keep payroll or contractor records

Harvest’s Recommendation

Create a simple digital recordkeeping system and use it consistently.

At minimum, keep:

• Bank and credit card statements

• Sales records

• Expense receipts

• Vendor invoices

• Customer invoices

• Payroll records

• Loan documents

• Asset purchase records

• Tax filings and supporting documents

• Important contracts and agreements

A simple system you actually maintain is better than an elaborate one you do not use.

Good to Know

Your accounting software is helpful, but it should not be your only source of documentation.

Supporting records such as receipts, invoices, statements, and contracts may still be important.

When It’s Time to Get Help

Consider getting help if:

• Your records are scattered across multiple systems

• You cannot easily support business expenses

• Your bookkeeping is consistently behind

• You are preparing for an audit or financing application

• You are unsure what should be retained