The management of source documents – bills, invoices, receipts or anything substantiating a transaction – is critical for small business compliance. They’re also important for accurately and efficiently completing the accounting process, and ultimately, providing informative business insights.
However, there are often a few questions that arise when it comes to source document management best practices. Whether you are an accountant or small business owner, you’ll agree that source documents are a lot of administrative effort to collect and manage. It’s also estimated that up to 25% of a firm’s office space could be used for paper document storage (download our free ebook – Building a paperless practice).
Accountants are uniquely positioned to help their small business clients better manage source documents. Let’s break down some frequently asked questions to better understand why and how.
Who should manage source documents: the accountant or the client?
The nature of every