Business financial statements and financial documents are essential for any growing business. Financial documents and statements are needed to stay compliant and are necessary if you are audited for any reason. If you face any sort of internal or external investigation, not having required documents can result in severe penalties and fines.
There are other reasons to back up your small-business financial statements, too. These documents provide important clues to help you grow your business. Being able to review past financial data, sales, revenues, expenses, debts and other financial details can help you evaluate how you got to your current status and can help you recreate past wins. Looking at past financial data can also help you avoid the pitfalls you may have already learned from.