Some Big Ideas About Small Business Financial Statements

April 12th, 2018

Financial statements are as important to a growing business as a good product and marketing plan. These are important to staying compliant with all government regulations. These statements are essential if you get audited so you can back up any of your claims.

Backing up all of your financial statements in Los Angeles is important for another very good reason. These documents can give you a roadmap as your company grows and some good indications of the avenues to pursue.


Brick and Mortar

If you’re a brick-and-mortar business, you might think these statements are secure when they’re locked away in a filing cabinet. If your enterprise is Internet-based, you might think the same about the folders and files in your hard drive.

In either case, there are things that can go wrong and wipe out all of your records. For a physical store any one of a number of natural disasters can be the culprit. Online, you need to be careful to protect your important information against malware and hackers.


Backed up and Digitized

financial statements, Some Big Ideas About Small Business Financial Statements

As more and more commerce moves towards the Internet, it’s a good idea to make sure your California financial statements are backed up and digitized. Here’s a few ways that you can make sure your computerized records stay safe.

  • Keep your accounting and other software platforms updated. Quite often, service providers will send out patches and updates that can keep all of your software safe from hackers and viruses. It’s a good idea to make sure someone in your small company is in charge of staying on top of these innovations.
  • The data that includes your financial services should be backed up outside your network and series of computers. That can mean using external hard drives or even thumb drives for convenience. Lately, many companies are using the cloud as a safe and secure way to keep their important information locked away.
  • Using automatic backups is a good idea but only from trusted providers. Even with a series of these automatic backups at your disposal, a good safeguard is to manually check on them and the updates periodically.

If you own a small business, it’s easy to get caught up in the daily hustle and bustle and forget about the accounting side of your shop. There is no reason why your financial statements in California can’t be digitized and backed up securely.