Jennifer, Here Are Your Articles for Wednesday, May 10, 2017
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Recordkeeping Rules for Your Manufacturing Company

 

When it comes to recordkeeping, manufacturing companies have a lot to contend with, such as accounting rules, making claims, tracking expenses for tax deductions, and maintaining viable employee records. Getting the most from tax deductions, making sure your company is up to date with report filing, and reducing the chance of having to deal with penalties all depend on accurate recordkeeping and your ability to make legitimate claims based on your records.

Types of Recordkeeping Tasks

Manufacturing firms need to perform several types of recordkeeping tasks. Each of these is vitally important and may provide you with the best chances of a fair outcome when it comes to making specific claims:

  • Detailed employment records must be kept for each worker who has received payment from the company in exchange for the performance of specific tasks. This includes payroll and tax records.
  • Invoices, daily reports, delivery tickets, and labor agreements are all a vital part of the recordkeeping process and can tip the balance in any claim.

Using a Reliable Recordkeeping System

Today’s digital world has made recordkeeping even easier for manufacturing companies. Your accountant can accurately track all payments, invoices, miscellaneous expenses, materials cost, and tools required for the everyday operations of your manufacturing company.

A convenient system set up on the computer will be able to maintain all financial and employee records throughout the years. You can keep orderly records of each client, the products, and the sales.

Various recordkeeping systems are available that you can implement in your back office. These systems can be accessed through cloud computing so your accountant can work remotely to work on taxes, payroll, or finances, depending on your needs.

Out Of The Box Technology can assist you with proper recordkeeping rules and technology that can enhance your manufacturing business. Contact Ellen@otbtechnology.com.

 

 
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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