Many businesses aren't sure how long records must be saved in the paperless era. Record-keeping is a boring, but important business activity, and if you make the wrong choices, you risk litigation, succession planning problems and the wrath of the tax man. Understanding how long should you keep business records will help you avoid these problems. Whether you're wondering how long to keep bank statements or how long to keep pay stubs, business record retention is critical for your financial record keeping. Read on to learn about retention periods for your accounting documents.
As a small business owner, it is imperative for you to pay close attention to all of the accounting and regulatory.