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We talk a lot about documentation at Bell Solutions.
The benefits are endless for a small business, but it is often hard to see the value until you have to pay the price of not having it.
Sure, we all know about the dreaded IRS audit that results in fines and taxes to be paid, but have you ever witnessed someone lose a $10,000 tax credit due to missing receipts? Or an employer pay the price for not having invoices to go with 1099 payments? Or the disappointment of vigorously preparing for a grant only to find out that you needed all your meal receipts for the last two years to be eligible? Or how about a business owner using incomplete data to make decisions that results in negative cash flow.
We have. And it's not fun.
During the month of September, are featuring all things small business compliance, and this week we are tackling the ways to win with good documentation.
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