While it is better to be safe than sorry, it is not always necessary to save every receipt or piece of financial paperwork that has to do with your business. As a small to medium-sized business owner, facing scrutiny from either the IRS or another country's equivalent institution, is not ideal. However, in order to avoid any issues, you aren't required to file away every piece of paper.
It is essential to find the right balance. And, for companies that are looking to move overseas, or expand into another country, it is also crucial to have the right documents translated properly. Even if an organization's leader has the right paperwork, it will not do him or her any good if the necessary authorities cannot read the file or understand what it says.
Regina Leeds is a professional organizer who explained to Entrepreneur Magazine that one of her clients had been audited by the IRS. From that experience, her client saved every piece of paper remotely related to her company's finances.
"Every billing statement, every letter, every receipt—I couldn't get her to part with a single piece of paper," Leeds, said. "She had boxes of receipts going back decades."
For example, ATM receipts and deposit slips can be shredded once you've cross examined them with your bank statements. However, previous years' tax returns should be kept for three years.
Getting the Requirements in Place for a Proper Translation
Once a business owner understands what is actually necessary to keep their firm running smoothly, then they can ensure that all items are properly translated.
This is where partnering with a company that specializes in document translations can be beneficial. Everything from employee payroll information to more basic items will need to be translated to establish a business. With legal translation, an organization can rest assured that no data is forgotten about or overlooked.