Did you know the IRS requires you to keep bookkeeping records for your small business? I often times hear small business owners say “I don’t need bookkeeping software” but that statement couldn’t be more wrong. Also don’t forget if you are in direct sales, you own a small business! You may get by and get your taxes done, but what happens when you get audited? The IRS is going to want to see your sales records, purchase records, and expense records. Are you ready for an audit?
By following these simple steps, you will be in compliance with the IRS.
- Utilize a method to keep your books (BluSavvy is a great and easy bookkeeping software to use, sign up HERE)
- Be sure you are recording your sales and expenses in your bookkeeping software – keeping up with this on a weekly basis will keep you organized.
- Save your expense receipts – once you enter your receipts in your books, store your receipts in a safe place, such as file folders.
- Keep your mileage records for business travel.
To read more about the IRS bookkeeping requirements click HERE.