MANAGEMENT

Detailed explanation-1: -The term “record keeping” refers to the orderly and disciplined practice of storing business records. Record keeping is one of your most important responsibilities as a small business owner.

Detailed explanation-2: -Record keeping refers to the orderly and disciplined practice of storing business records.

Detailed explanation-3: -A recordkeeping system is a shared filing system where records are captured, organized, accessed, protected, retained, and destroyed in accordance with approved records schedules.

Detailed explanation-4: -Record keeping is the practice of tracking information, including needed documentation, in a systematic way. Providers should be keeping a variety of documents to track of variety of events regarding finance. For example, it is prudent to maintain a family ledger that indicates tuition owed and tuition paid.

Detailed explanation-5: -Their purpose is to provide reliable evidence of, and information about, ‘who, what, when, and why’ something happened. In some cases, the requirement to keep certain records is clearly defined by law, regulation, or professional practice.