Today is the day that everyone dreads. We have an audit with the IRS. As I worked for several weeks to get my data in order I discovered that I could have done a much better job of record keeping. It's such a simple task and as a result it doesn't get the priority that it should. Some of the sources for backup data that you may be counting on either no longer exist or can be difficult to get a hold of. Trying to get 3 year old bank statements from a bank that I no longer do business with is difficult. Financial institutions change or upgrade software from time to time and may no longer have back records.
The lesson that I have learned is to get my business recording in order and keep it that way. In the long run it will save time and stress.
Happy Record Keeping.
John Graham