A small business owner must keep all of his relevant documents at a safe place, whether in soft or hard form. Small business owner should consider filing documents related to these – government related documents (documents, forms, returns, taxes, etc), customers details (contact details, brief history of each customer, invoices, payment history, due payments, etc), suppliers details (contact, purchased goods, payables, brief notes about each supplier, etc), bank related documents (statements, applications, notices, circulars, etc), and insurance (employee, death, accident, equipment, etc)
Even when we are in an electronic era, not all the documents can be in soft form. Till the time everything is done electronically all the soft formats should be printed and filed in the relevant box. Small business owner should keep some of the files in a confidential manner, not accessible to everyone in the organization. The files should be in yearly or quarterly format depending on volume of business.
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