As a business, there are certain records you are required to keep. This includes receipts, invoices, correspondence, contracts and other items that are required by states and the IRS for annual filings of taxes. Many of these records need to be kept for up to 10 years, including everything related to your financial transactions and activities.

Before you become immersed in your operations, it’s a good idea to put some of these processes in place.

If you haven’t done any recordkeeping or accounting before, there are a lot of good programs to help you. The standard for small businesses is QuickBooks. There are several different versions, all with different features. There are even industry-specific small business solutions, including those for manufacturers and wholesalers, accounting professionals, retailers and professional services. You can learn more about these products at http://quickbooks.intuit.com.

There are other products that are highly recommended as well, including MYOB Accounting Plus, which includes sophisticated tools for keeping track of payroll, cost centers, inventory and sales. You can learn more about MYOB at http://www.myob.com/us.

Both Quick Books and MYOB will allow you to track expenses, generate invoices, process payments and prepare records for paying taxes.

Since reporting requirements vary, you may want to contact a CPA to discuss your business and go over state and federal requirements for your particular industry.