10 types of business document every business must have
Regardless of business size or age, have you considered what business documents that your business needs? Whilst it’s definitely the more popular option to go paperless nowadays, you may still want to hold paper copies of the most essential documents particularly.
So, get ready to have a good look in your drawers and on your desktop drives for the following 10 types of document that every business must have.
Obviously, your business will need to have financial documents, which includes financial reports, statements, invoices, and receipts. Not only is it a legal requirement to retain accounting records, but it is also useful to help understand the financial state of your business.
By business reports, we mean any evaluations of specific circumstances within the business, For example, a report on the business’ waste management, or the diversity of the workforce. These reports are beneficial in providing insights to the business operations, and how to further develop and improve such operations.
A business plan is self-explanatory and should have typically been the first, or one of the first, documents to be produced when founding a business. It encompasses the goals, aims, and purpose of the business, with explanations on how it will achieve this, as well as research on competitors and the market itself.
A business document that is often overlooked is the minutes of a meeting. For every business meeting you attend, it would be wise to have someone take minutes, or notes, about the important points that are discussed. You may want to send a copy of the minutes to each attendee, which can be done with a digital duplicator machine, for instance.
Compliance and regulatory documents
You must be able to show that your business is legally compliant, so it’s a good idea to have such documents that prove that your business runs within its regulatory limits, in correspondence to the national law, as well as regulatory requirements within the area and industry.
In an age where digital dominates, you may want to establish your business’ privacy policies when it comes to how it collects, stores, and deletes customer data. It should also clarify what your business intends to do with the data, as well as how it protects it.
This is extremely important if you intend on hiring employees – you must ensure to have policies on health and safety, grievance, disciplinary, sickness and leave of absence, and others.
It would be worthwhile to insure your business and to retain these documents. Business insurance can protect your business and even its employees, covering risks such as theft and loss. Do your research on various insurance policies first.
If you’re outsourcing contractors for any type of work, ensure that you have these documents to show that the relationship is transactional, clear, and legal.
You must state the permitted internal activities through company bylaws. Bylaws are helpful in guiding employees on what is allowed and prohibited within the business, in terms of its operations. Essentially, bylaws disclose the internal regulations and standards that guide business practices.
And there you have it – all the basics on the most essential business documents your company needs to have.