When you are a small business owner, there will be a lot of things that are on your mind that you need to comply with and adhere to, not to mention just keeping the business running day to day. It can feel a little overwhelming. So if you’re starting out in business, or are thinking about starting out in business, then you have come to the right place. Today’s post is all about keeping your business legal and compliant so that you don’t have to stress about what is going on with it. If you don’t comply with current laws, then it can be costly, and could even lead to your business being dissolved. So it pays to stay on top of it all so that the running of the business can be much more smooth.
Make a Checklist
First of all, all areas of business are going to be different, though some will be the same. So it is worth checking what those are (the industry specific compliance as well as the business specific compliance). Then you can work through all that you need to do. Some may be country or even state specific, but working through a list can make it simpler and much less overwhelming.
In Europe recently there was a new law that requires any online businesses that have people’s data, to store and handle that data in a different way, as well as with privacy policies. And even if you aren’t based in Europe, but your site still reaches there, then you need to be compliant to it. You need to have things like privacy policies in place, as well as cookie notifications, and consent for their details to be handled in a certain way. You could even look for something like a virtual private server for your website as it gives you much more control. If you want more secure data, then something like that could help with GDPR compliance.
Keep Copies of Paperwork
For things like tax returns and invoicing, it really pays to keep copies of your paperwork and things like your receipts. This enables you to show what you have spent on, what you are billing for, and everything else in between, so that you can have a proper paper trail. It will make your tax return much easier too, as you will then be able to prove what you have and why you have accounted for it.
Clear Paper Trail
In a similar way that your paperwork and receipts should be kept in order, it also really helps when you keep a clear paper trail of things going on in the office. Meeting minutes should be filed, as well as any letters of resignation or things of that nature. It just helps to show that you know exactly what is going on in your business and can really be accountable for it. From a legal perspective, having these documents can really help you too, should you have a disgruntled employee, for example.