Keeping Your Financial Records Organized

Keeping Your Financial Records Organized

Every accountant can tell a terrible tale of businesses that were not strict about record keeping for proper expenses, such as websites or cloud services, or claiming undocumented expenses. It is best to be careful. If this sounds like something you may be doing, tax auditors can add fines to your unpaid taxes, and the penalties increase if such behavior is repeated. It is always best to keep your corporate and personal expenses separate. If you are offside, watch out; you may have gotten away with it in the past, but when you do get caught, it will be financially painful.

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