Business Recordkeeping
Southwick Public Library
May 19, 2008
Michael McMahon
What are Records?

Records include data on income, expenses,
inventory, hours worked, sales tax collected, etc.

Depending on the type of business or activity records
to be maintained will vary

If you sell products or services to the public your
records may include the following:
Amount of each sale, description of item sold,
date, time, name of customer, address, method of
payment, etc.

Copyright 2008 Michael McMahon.
All rights reserved.
What type of records do you
keep in your business?
How do you maintain your records?
Index cards
A computer database
Cash register
Notebook
Why do you keep records the way you do?
What are the advantages and disadvantages of your current method?
Does your system of records provide you with the information you
need to operate your business or activity?
Copyright 2008 Michael McMahon.
All rights reserved.
What type of records are required
for your business?

Requirements come from a number of places including:
– IRS (tax returns)
– The MA. Department of Revenue (tax returns both income and
–
–
–
–
–
–
–
–
sales tax)
The U.S. and MA. Department of Labor
OSHA
The Social Security Administration
The Department of Homeland Security (DHS)
The City or Town you operate in
Your Insurance Company (for Workmen’s Compensation Insurance
coverage)
U.S. EPA and MA. DEP
Profit and loss statements for bank loans, line of credit or business
mortgages
Copyright 2008 Michael McMahon.
All rights reserved.
Some familiar Forms?

Some of the Forms you are required to file which require you to
maintain records in order to file the Forms:
W-2 Forms for wages paid to employees

1099 Forms (for rent paid, commissions paid, interest,
dividends, royalties paid)

Form 940 Federal Unemployment

Form 941 for Social Security and tax withholding

Sales tax forms

Personal property tax returns for business property owned
Copyright 2008 Michael McMahon.
All rights reserved.
Info. Sources on the Internet
Southwick Economic Development Commission website
www.southwickma.info
Includes data on Southwick (population, unemployment,links to other business
resources)
Town of Southwick website www.southwickma.org
Southwick Public Library www.southwicklibrary.info
Internal Revenue Service www.irs.gov
Publication 583 discusses business records required for Federal tax
purposes. This document can be downloaded from the website.
State of Mass. www.mass.gov
State of CT. www.ct.gov
Copyright 2008 Michael McMahon.
All rights reserved.
Potential sources for software
and paper based recordkeeping

Office supply stores (e.g., Staples, Office Depot) sell
software for business recordkeeping (e.g.,
QuickBooks®, Quicken®, Microsoft Money®, etc.) as
well as Dome® books and other options for paper
based systems of recordkeeping

Blank W-2 forms, 1099’s, etc. can be purchased at
office supply stores (in December – January)

Other retailers (online and stores) sell some of the
business software (e.g., Costco, BJ’s, Sam’s,
Amazon.com
Copyright 2008 Michael McMahon.
All rights reserved.
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