Princeton Executive Center
4301 Route 1 South; Suite 220
Monmouth Junction, NJ 08852

LinkedIn YouTube
United Wealth Group LLC Home

United Wealth Group LLC

(732) 355-1050

 
Home NavigationMENU
  • About 
    • Mission Statement
    • Team
    • Products & Services
    • Useful Links
    • About Guardian
    • Careers
    • United Wealth Group LLC Website Terms of Use
  • Strategies 
    • Living Confidently
    • Financial & Emotional Confidence Quiz
    • The Reality of Life
    • The Living Balance Sheet®
  • Resource Center 
    • Retirement
    • Estate
    • Investment
    • Insurance
    • Tax
    • Money
    • Lifestyle
    • Small Business Webinar Series
  • Tools 
    • Glossary
    • Tax Resources
  • Contact
Lifestyle Read Time: 3 min

Keeping Good Records is Good Business

Maintaining good records is important to help meet your tax and legal obligations. The right record keeping system not only helps satisfy these obligations, but it may save you money and time. Here’s what to consider for your record-keeping system.

What Records Do You Need to Keep?

The first step is identifying the records you need to maintain. The obvious examples include leases, contracts, payroll and personnel records and a range of accounting and finance information, such as invoices, receipts, checks, payables, and inventory. Please consult a professional with tax expertise regarding your individual situation.1

How Do You Want to Keep Them?

Record maintenance can take three basic forms:

  • Paper-based—It’s old school, but maintaining records in file folders stored in a metal cabinet may be sufficient, though at the risk of files being damaged or destroyed with no back-up.
  • Computer-based—Maintaining records on computers save space and make records management easier. Consider backing up files and keeping them off-site.
  • Cloud computing—Records are stored and managed on the internet, offering possible savings on software, reducing the risk of lost data and providing access from any location.

What Software Should You Use?

The right software can make life more productive; the wrong software may cost you time and money.

When shopping for software, consider:

  • The size of your organization. Do you want an easy-to-use package, or are you able to hire a dedicated employee to take advantage of a more sophisticated alternative?
  • What sort of training and support is provided? Without the right measure of either, your software may not be productivity tool you envisioned.
  • Is specialized software available? The needs of different professions can vary greatly. Specialized software may have capabilities not available with more generic software.
  • What are its mobile capabilities? If you operate your business from the road, you may want your software to have robust mobile features.

1. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2021 FMG Suite.

Share |
 

Related Content

The Independence of Financial and Emotional Well-Being

The Independence of Financial and Emotional Well-Being

Greater financial and emotional confidence brings greater independence. Isn’t that what it’s all about?

Financial Hacks for Millennials: Don’t Get Burnt With FIRE

Financial Hacks for Millennials: Don’t Get Burnt With FIRE

Financial Independence, Retire Early (FIRE), also known as radical savings, encourages aggressive saving to retire by age 40.

A New Way to Look at Your Bucket List

A New Way to Look at Your Bucket List

Bucket lists don’t have to be for tomorrow.

 

Have A Question About This Topic?









Thank you! Oops!

Check the background of your financial professional on FINRA's BrokerCheck.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. Some of this material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named representative, broker - dealer, state - or SEC - registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.

We take protecting your data and privacy very seriously. As of January 1, 2020 the California Consumer Privacy Act (CCPA) suggests the following link as an extra measure to safeguard your data: Do not sell my personal information.

Copyright 2021 FMG Suite.

Asghar Kazim

California Insurance License # 0C53306  AR Insurance License #703269

Securities products and advisory services offered through Park Avenue Securities LLC (PAS), member FINRA, SIPC. OSJ: 355 Lexington Avenue, 9th Floor, New York, N Y 10017-

6603, 212-541-8800. PAS is a wholly owned subsidiary of The Guardian Life Insurance Company of America® (Guardian), New York, NY. This firm is not an affiliate or subsidiary of PAS.

United Wealth Group LLC is not an affiliate or subsidiary of PAS or Guardian.

Important Disclosures

Online Terms of Use

Online Privacy Statement

2019-84184  Exp. 8/31/2021

Contact

United Wealth Group LLC
Office: (732) 355-1050
Fax: (732) 355-1051

Princeton Executive Center
4301 Route 1 South; Suite 220
Monmouth Junction, NJ 08852

FINRA Series 6, 7, 24, 63 & 65

akazim@unitedwealthllc.com

LinkedIn YouTube

Quick Links

  • Retirement
  • Investment
  • Estate
  • Insurance
  • Tax
  • Money
  • Lifestyle
  • All Articles
  • All Videos
  • All Calculators
  • All Presentations