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Records your small business should be keeping.

Updated: Mar 1

Efficient record-keeping not only ensures compliance with regulations but also helps in making informed business decisions. Here's a guide to the essential records every small business or startup, even with just 1-2 people, should keep.

Legal Documents:

  • Business registration and licenses.

  • Contracts with clients, suppliers, and partners.

  • Employee contracts and any relevant HR documentation.

  •  Patents, trademarks, or copyrights associated with your products or services.

  •  Non-disclosure agreements for sensitive information.

Financial Records:

  •  Invoices and receipts for all transactions.

  • Bank statements and reconciliations.

  •  Profit and loss statements, balance sheets, and tax returns.

Expense Reports:

  •      Detailed records of all business-related expenses.

  •      Categorized expenses for easy tracking and budgeting.

Tax Documentation:

  •      Proof of tax payments and filings.

  •      The Pay As You Earn (PAYE) 

  •      Any correspondence with tax authorities.


Employee Records:

  •      Contact information and emergency contacts.

  •      Time sheets and attendance records.

  •      Performance evaluations and feedback.

Insurance Policies:

  •      Business insurance policies and renewal dates.

  •      Records of any claims made or incidents.

Marketing and Sales Records:

  •     Customer contact information and purchase history.

  •     Marketing strategies and campaigns, including results.

  •      Analytics data from digital marketing efforts.

Operational Records:

  •      Standard Operating Procedures (SOPs).

  •      Inventory records for products or supplies.


Communication Records:

  •      Emails and correspondence with clients, partners, and employees.

  •      Meeting minutes and summaries.

  •      Records of any customer feedback or complaints.

Keeping meticulous records is not just a regulatory requirement but a strategic advantage for small businesses and startups. These records serve as a historical reference, aid in financial planning, and ensure smooth operations. By implementing a robust record-keeping system from the outset, entrepreneurs can focus on what they do best—growing their business.

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