MANAGEMENT

Detailed explanation-1: -Knowing that, a good rule of thumb is to save any document that verifies information on your tax return-including Forms W-2 and 1099, bank and brokerage statements, tuition payments and charitable donation receipts-for three to seven years.

Detailed explanation-2: -Invoices, receipts, employee payroll, purchases, expenses, VAT records, tax returns and any supporting documents are all accounting records. They must be stored for at least three years.

Detailed explanation-3: -The five key documents include profit and loss statements, balance sheets, cash-flow statements, tax returns and aging reports.

Detailed explanation-4: -The best way to store your financial records is by scanning important documents and encrypting digital records. Then store any hard copies in a fireproof safe or safe deposit box.

Detailed explanation-5: -Passports, medical directives, the only copies of wills, and powers of attorney, among other documents, are better kept in a secure spot, such as a fireproof home safe.