How do I set up the right record keeping system for my business ?

The kind of recordkeeping system depends on your business and industry. Your local CPA can provide you with many options. When deciding what is necessary and what is not necessary the following questions should be asked: How will this record be used, how important is this information likely to be, is this information available elsewhere in an equally accessible form. A separate business checkbook is highly recommended for any operation. Too many people comingle their personal and business accounts. There are various "one write" or automated systems available to help simplify the record keeping function.