How do you maintain tax and financial records?
Companies employ the skills of a CPA’s or an attorney for 2 important reasons:
- To know your company’s financial standing and
- To ensure its compliance in meeting financial obligations towards the local, city, state, and federal taxing authorities
The financial status of a business is a major factor that members of the board would take into account in finalizing any decision or resolution that would go into the company’s records book.