COZART & EDWARDS, PA
102 N MAIN STREET
PO BOX 990
CREEDMOOR, NC 27522
919-528-4775

We will remain open for business Monday through Thursday from 8am to 5pm and continue to process tax returns as usual.  However, in light of recommendations from NCDHHS and CDC, we are asking that if you are feeling unwell or experiencing symptoms such as fever, cough and/or shortness of breath, please avoid coming into the office, even to deliver or pick up documents. Please avoid coming into our office for the safety of others if you are confirmed to have COVID-19 or have a family member at home that is confirmed to have COVID-19.  We have secure online options to send and receive documents to help limit contact during this time.  Our staff is happy to assist with this process.  To better function with our current environment, we ask that all client’s dropping off paperwork utilize our drop box.  For items too large to fit through the drop box slot, please use the basket located inside to right as soon as you open the door.  Please contact us with any questions.
 
Lifestyle Read Time: 3 min

Keeping Good Records is Good Business

Maintaining good records is important to help meet your tax and legal obligations. The right record keeping system not only helps satisfy these obligations, but it may save you money and time. Here’s what to consider for your record-keeping system.

What Records Do You Need to Keep?

The first step is identifying the records you need to maintain. The obvious examples include leases, contracts, payroll and personnel records, and a range of accounting and finance information, such as invoices, receipts, checks, payables, and inventory. Please consult a professional with tax expertise regarding your individual situation.¹

How Do You Want to Keep Them?

Record maintenance can take three basic forms:

  • Paper-based—It’s old school, but maintaining records in file folders stored in a metal cabinet may be sufficient. However, there is a risk of files being damaged or destroyed with no back-up.
  • Computer-based—Maintaining records on computers saves space and makes management easier. Consider backing up files and keeping them off-site.
  • Cloud computing—Storing and managing records on the internet offers possible savings on software, reduces the risk of lost data, and provides access from any location.

What Software Should You Use?

The right software can make life more productive; the wrong software may cost you time and money.

When shopping for software, consider:

  • What is the size of your organization? Do you want an easy-to-use package, or are you able to hire a dedicated employee to take advantage of a more sophisticated alternative?
  • What sort of training and support is provided? Without the right measure of either, your software may not be the productivity tool you envisioned.
  • Is specialized software available? The needs of different professions can vary greatly. Specialized software may have capabilities not available with more generic software.
  • Do you need mobile capabilities? If you operate your business from the road, you may want your software to have robust mobile features.
  1. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2020 FMG Suite.

Share |
 

Related Content

A New Way to Look at Your Bucket List

A New Way to Look at Your Bucket List

That big list of dreams and goals isn't the only way to look at your bucket list.

Money Draining Food Myths

Money Draining Food Myths

These food myths will really put a drain on your wallet.

Managing Your Lifestyle

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.