A Record Keeping Checklist for Illinois Small Businesses

 Posted on May 18, 2018 in Small Businesses

Owning a small business in the state of Illinois is both exciting and rewarding. Companies in Illinois have many advantages working in their favor, such as a large and diverse marketplace and a robust, skilled workforce. With these benefits comes the responsibility of maintaining a well-functioning workplace for your employees. An employer can build and sustain a better business by adopting proper record keeping practices. Without adequate data recording, vital information frequently becomes lost, resulting in errors that can impact the quality of the work environment and even result in citations and other penalties.

Why Are Records Important?

Record keeping is one of your most important duties as small business owner, regardless of what type of business you own. There are various methods for keeping track of necessary documents, ranging from file folders in a filing cabinet to an electronic or online system. You must compare all of your options and choose the one best suited for your needs.

No matter the methodology, an employer must have quick access their documents at all times. Emergencies and other situations can arise without warning, necessitating quick data access. Furthermore, record keeping not only adheres to the legal requirements, but it also enables business owners to have a better understanding of their business and where it can improve and grow in the future. The four primary reasons to have a working data storage system include:

• Tax preparations;
• Legal compliance;
• Detail storage for discrepancies; and
• Business planning.

Record Keeping Checklist

As a general rule of thumb, employers should scan or otherwise store all documents and receipts. As a business owner, it is better to be safe than sorry, especially if law compliance comes into question or a contract becomes unstable. Here are a few items you should consider keeping for your records:

• Contracts or agreements;
• Leases;
• Licenses and permits;
• Payroll;
• Expenses;
• Personnel files; and
• Injury reports.

Your Business Is Unique

At Miller Law Firm, P.C., we understand that no two businesses are alike. This list of recommended documents is general and is not meant to replace legal counsel. Your business is unique and has specific data storage requirements to help it thrive. A Schaumburg, IL employment law attorney can analyze your business and give you a customized list of necessary documents you will want to keep, as well as advice about how long to store these records. Small business laws can become overwhelming, especially for business owners who are already juggling a multitude of other concerns. We can help you by offering you a free consultation. Call us today at 847-995-1205.

Sources:

https://www.osha.gov/Publications/smallbusiness/small-business.html

https://www.sba.gov/sites/default/files/files/PARTICIPANT_GUIDE_RECORD_KEEPING.pdf

https://www.illinois.gov/dceo/SmallBizAssistance/BeginHere/Pages/StepByStepGuide.aspx