Vermont Retirement Planners, LLC

54 Highland Avenue
Manchester Center, VT 05255
nick@vtretirement.com
(802) 367-3958

87 North Main St.
Rutland, VT 05701
nick@vtretirement.com
(802) 772-7945

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, though at the risk of files being damaged or destroyed with no back-up.
  • Computer-based—Maintaining records on computers save space and make records management easier. Consider backing up files and keeping them off-site.
  • Cloud computing—Records are stored and managed on the internet, offering possible savings on software, reducing the risk of lost data and providing 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:

  • 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 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.
  • What are its 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 FMG Suite.

Share |
 

Related Content

How to Retire Early

How to Retire Early

Retiring early sounds like a dream come true, but it’s important to take a look at the cold, hard facts.

An Inside Look at Retirement Living

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

New Retirement Contribution Limits for 2023

New Retirement Contribution Limits for 2023

A look at the new, record-high retirement contribution limits from the IRS.

 

Have A Question About This Topic?







Thank you! Oops!

Funding Your Future Health Care Needs

A little planning now can go a long way to help take care of yourself in the future.

Your Financial Path Forward in the Midst of Mental Illness

Losing a job is never easy, even under normal circumstances. Losing a job or needing to take extended time off of work due to mental illness, however, comes with its own unique set of pressures to navigate

Whole Life Insurance Can Be an Asset For Balance

Even if you didn’t grow up on a farm, you’ve heard, “Don’t put all your eggs in one basket.”

View all articles

Home Mortgage Deduction

Use this calculator to assess the potential benefits of a home mortgage deduction.

A Look at Systematic Withdrawals

This calculator may help you estimate how long funds may last given regular withdrawals.

Historical Inflation

This calculator shows how inflation over the years has impacted purchasing power.

View all calculators

Principles of Preserving Wealth

How federal estate taxes work, plus estate management documents and tactics.

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

Managing Your Lifestyle

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

View all presentations

The Richest Man in Babylon

In good times and bad, consistently saving a percentage of your income is a sound financial practice.

Retirement Plan Detectives

A couple become Retirement Plan Detectives, searching records from old employers.

Retirement and Quality of Life

Asking the right questions about how you can save money for retirement without sacrificing your quality of life.

View all videos