• New Wave Accountants

The Different Business Records to Track as an Entrepreneur

Being an entrepreneur can be challenging at times. Besides the fact that you have your sales figures and processes to worry about, you also have a lot of things to monitor from time to time. Some of the things you have to be vigilant about are the various business records you may have to handle from your end.


Overlooking these types of records may end up being disadvantageous, as they are the main indicators of your venture's progress. If you want to know these business records, look no further than our examples below.


1. Bank Statements


While it is true that bank statements are part of the financial entries you have to deal with, they are not only meant to track your assets, cash flow and expenses, but also the various small business records that are easy to miss. Examples would be the various fees charged by your bank, such as fees for bank statements and service charges for your business account.


2. Sales and Purchase Documents


Business transactions are bound to happen, and these transactions will often be reflected in business records, such as sales and purchase documents and receipts and invoices. As an entrepreneur, you need to be aware of these documents, as they are actual proof of transactions that have happened.


3. Receipts


This is one of the most important small business records you need to keep track of, as receipts or invoices are the pieces of paper that prove that you have paid for a service or a product. They tell you the exact amount you have paid for the goods or services, where you paid, the date the payment was made, and the obtained goods or services.


4. Accounting Records


Accounting records are no joke, as accounting is one of the most crucial aspects of entrepreneurship. Accounting records are numbers and ledgers that indicate the money you made or lost for a specific period of time. The numbers can be derived from tax returns, financial statements and business records.


5. Permits and Licenses


In line with accounting records, one of the most important small business records that you need to take care of is the permits and licenses needed to run your business. These permits and licenses will indicate your compliance with local and federal laws and regulations and the type of license you have. To make things easier, you can have a professional accountant compile these business records for you.


6. Product Designs and Prototypes


Product designs and prototypes are integral to entrepreneurs' records. These drawings, sketches and models are meant to indicate the look and feel of the product, as well as the technological aspect of it. They can also show possible flaws in the design, so you will know if you need to fix it or not.


7. Legal Documents


In the event that your business is sued, you need to make sure that you have the proper documents that can indicate that you are not liable for the issue or concern brought about by your product or service. These documents are the ones that are related to product liability, copyright, patent and trademark.


Conclusion


Entrepreneurship is a difficult venture, especially if you intend to run it alone. This is why it is important to have the right tools to get you on the right path, especially when it comes to paperwork and accounting.


The business records mentioned above are essential to have, and they are among the things you need to remember if you want to run your venture as smoothly as possible.


If you are looking for a company that provides bookkeeping services in the Gold Coast, look no further than our expertise here at New Wave Accounting. We provide end-to-end accounting and bookkeeping services that help scale and grow businesses. Call us today and let us help you grow your venture to the next level.


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