Business Record-keeping – Everything you ever wanted to know but were afraid to ask

What kind of Bookkeping system do you need?

Do you need to use a Double Entry system?

Is a set of books enough to satisfy the IRS or do you need more?

The answers might surprise you:

You don’t need any specific type of system.  But you do need to be sure to keep supporting documentation. 

Have you always wanted to know what kind of record keeping system the IRS requires? If so Take a look at this guide and for more detailed info this IRS guide to the subject

IRS Small Business and Self Employed Tax Info Page

The IRS has created a page on their web site that has they say is “a one-stop resource for information” for Small Business and Self-Employed.

You can find forms, find out how to apply for an Employer ID number (EIN), and learn about many topics that are relevant to starting and running a small business as a Sole Proprietor.

Hopefully they will keep it current and up to date.

Give us a call if you have any questions about what you read.