Business Documents You Should Always Print
To print or not to print is the age-old debate that still has no clear answer. That is, until now. Here we discuss all the business documents you should always print. Some of these are obvious, but others are more elusive, so if you want to save your business money and paper, read everything we've outlined in this article.
Your legal documents
Business license
You should be proud of your business license; you've worked hard to get here, so make sure you show off your hard work. That's why when you're out and about at other businesses, you'll often see their business license in a highlighted area of the wall. Not to mention, most states have regulations that require you to have a physical copy of the license. That's why printing it is so essential for your business.
Articles of Incorporation
Do not confuse this with your business license, as this document arguably identifies you as a business to the public. In other words, your license indicates that you can do business with the public, while the articles of incorporation indicate that you operate as a business and not as an individual. In addition, it is the document that protects you personally if someone were to sue you.
Permit
These may be operating permits depending on your sector of activity or renovation permits. For example, if you own a bar and restaurant, you will need a license to serve alcohol. Not to mention there are regulations in place that require you to have your permit on the wall. So if it's not displayed in an easily visible area, you could potentially run into issues. Additionally, if you are renovating your business, you will likely need a permit in your county. Depending on your state and county, you may not need a physical copy, but it will certainly be easier if you were asked to show it.
Financial and tax documents and records
Tax returns
You should always keep physical copies of your tax returns; this helps you identify changes that have occurred over the years. Additionally, sometimes you need to show your last two or three tax filing documents if you work with banks and investors.
financial state
Some of the most important business documents you should always print are your financial statements . This includes income statements, balance sheets, a cash flow statement, a profit and loss statement, etc. Of all the documents included in this list, you will likely reference these the most, regardless of the size of your business. For example, many business owners monitor their finances daily, but they may also take a more in-depth look each month. Another time you will need to reference your financial statements is when presenting to investors, because they want to see what the numbers say, not what the owner claims.
Annual bank statements
Your bank will always have an annual statement showing all the transactions you made during the year. We suggest storing annual statements from the last two years, as this will help you identify changes that have happened, need to happen, or help you predict what will happen.
Contracts
Employment contract
There are many contracts involved in a business, and some businesses have more than others. For example, if you're a startup that you run almost entirely on your own, you won't have many employee contracts. On the other hand, there are companies that have hundreds or even thousands of employees, and these companies will have many more contracts to store. It is beneficial to store employee agreements if the employee's contract needs to be revised due to changes or promotions in the company.
Customer or supplier contracts
Due to the nature of any given business, it is important to have paper copies of all signed agreements between you and your clients. This will save you in the future if for some reason they try to do something that doesn't match said agreements. Additionally, companies sometimes deal with suppliers who depend on selling X additional products before they fill your next order. So, having copies of all your documents holds each party accountable for what they agreed to.
Rentals
Finally, almost every business needs a location, so you need to have a physical copy of your rental agreement with the landlord. Your lease agreement should spell out all the details involved, such as what you owe, when you have to pay, the length of the lease, etc. Again, having an easily accessible physical copy of this document ensures that each party follows through on their agreement.
Business owners have so much to juggle between their management responsibilities, job duties, and administrative work, which includes organizing and printing documents. The question is, what documents should you print for your business? We suggest printing the following documents: legal documents such as your articles of incorporation or business license, or financial and tax documents such as your regular financial statements. Additionally, you must have physical copies of contracts and agreements such as your employee agreements, vendor contracts, etc. So in other words, you only need the basics.
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