--- title: What business paperwork do you need to keep a record of?  description: There's a lot of business paperwork you don't need. Here's what you should be holding on to and what you can put through the shredder. --- [Game-changing productivity, management and HR insights](https://www.turbinehq.com/blog) # [What business paperwork do you need to keep a record of? ](https://www.turbinehq.com/blog/business-paperwork-keep-a-record) Written by [Maddy Leslie](https://www.turbinehq.com/blog/author/maddy-leslie) | 17-Apr-2018 08:30:20 **What you have:** Crumpled receipts found two months too late down the back of the radiator. A forest-worth of business paperwork in the basement. An over-burdened binder of miscellaneous business paperwork, too heavy to lift from the top shelf. Your in-tray full of buried mysteries. **What you need:** That one piece of paper. ## Why records matter There were [5.7 million businesses in the UK in 2017](https://researchbriefings.parliament.uk/ResearchBriefing/Summary/SN06152). That’s a lot of paperwork. Keeping track of it can be the difference between a business surviving and, well, the other thing. It’s imperative you keep accounts and other [essential records](https://www.gov.uk/guidance/record-keeping-checks-on-your-business), but to do so you need a good filing system. [Don’t waste time](https://www.turbinehq.com/blog/5-reasons-small-business-owners-are-time-poor) looking for something vital. An additional tip is to keep a note of **how long certain paperwork needs to be kept**, which does occasionally change. For example, at the time of writing, [financial records](https://www.gov.uk/running-a-limited-company/company-and-accounting-records) should be kept for seven years. Here’s a handy checklist so you know what to keep a record of. ## Business plan This one is for your own good. Keep a business plan that you **regularly refer to and update.** You define your goals and celebrate business successes. You react to failures by making strategic improvements. And – if you need investment for a project, you can be sure this is your most persuasive tool. ## Legal documents This one is a safety net. What documents you need depends on your business, however you might include: - Business insurance - Partnership agreements - Supplier contracts - Confidentiality agreements (NDA) - Proof of adherence to data protection requirements - Terms and conditions (Also, talking of safety nets, things like keeping minutes for client meetings can help you avoid any ‘he said/she said’ scenarios.) ## Policy handbook This one keeps things clear. **When in doubt: check the handbook.** Your policy handbook should cover: - Health and safety - Medical leave/grievance - Environment - Non-discrimination - Time-off - Overtime - Company values and employee behaviour - Pay, benefits and promotions - Travel and expenses - Discipline - Security and confidentiality - Pensions ## Employee documentation This one keeps your employees happy. From the employment contract to records of pay and time-off, you want there to be no grey areas. Keep an account of PAYE and pension payments that you need to match. You should also have a clear record of holidays, grievance, parental or sick-leave, as well as overtime. As a manager, it is **your responsibility** to ensure you are paying your employees correctly. ## What comes in This one is to put a smile on your face (and is useful to tell the [tax man](https://www.gov.uk/government/organisations/hm-revenue-customs/about/statistics)). You need to keep a record [backed by invoices](https://www.turbinehq.com/blog/get-invoices-paid-faster) of all **sales and other income**, including anything pending. And if you are VAT-registered, you must keep count of the VAT as well. There should be no business-equivalent of finding change in the couch cushions, as nice as that would be. ## What goes out This one is a necessary evil (and, again, the tax man will be interested). Whether it’s [purchase orders](https://www.turbinehq.com/blog/purchase-orders-and-invoices) or [expenses](https://www.turbinehq.com/blog/small-businesses-track-expenses-online), make sure to note what you spend, and what you think you will spend. Once money has left the business, **keep your receipts.** Some of your purchases may be services or subscriptions, so it’s a good idea to differentiate between capital and operational expenditure. It all adds up. What you should keep a record of is one thing, finding things when you need them is another. That’s why we suggest [sticking to a process](https://www.turbinehq.com/blog/automating-business-processes). Luckily, we can help with that, too. [Turbine](https://www.turbinehq.com/) is a simple way to log and record time-off, purchase orders and expenses. You can even integrate an employee handbook, as well as lots of other useful features. Get your [free trial today](https://www.turbinehq.com/). 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