• Why must I keep records for my service?
  
  
• After completing a case, how long should I hold on to the client's records?
  
  
• Why do we hold on to records so long?
  
  
• What's the difference between accounting and bookkeeping?
  
  
• What's an invoice?
  
  
• What's a statement summary?
  
  
• What's an account?
  
  
• What's a receipt?
  
  

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• Why must I keep records for my service?
  
  In any business, documentation of all aspects of that business are important for several reasons. These reasons include, but are not limited to: 1. Income and resource tracking 2. Tax preparation 3. Proof of operations 4. Risk management 5. Legal protection.
  
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• After completing a case, how long should I hold on to the client's records?
  
  A minimum of three years. We hold our records for up to seven years.
  
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• Why do we hold on to records so long?
  
  It's not uncommon for a client to apply for disability benefits and lose the case.  After such a loss, the client may not want to pursue the case any further. Then several months later, the client's condition worsens and he is ready to reapply.  If you have a copy of the claimant's original records, you can process his new application much faster.
  
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• What's the difference between accounting and bookkeeping?
  
  Accounting is a general term that refers to the overall process of tracking your business' income and expenses. Bookkeeping refers to the task of recording the amount, date and source of all business revenues and expenses.
  
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• What's an invoice?
  
  An invoice is a written record of a transaction which is submitted to the customer for payment. An invoice is also known as a billing statement.
  
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• What's a statement summary?
  
  A statement is a formal written summary of an account. Unlike an invoice, a statement is usually not used as a request for payment.
  
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• What's an account?
  
  An account is information on a particular customer grouped into a single unit. The account unit will contain all relevant information about the customer and the services provided to that customer.
  
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• What's a receipt?
  
  A receipt is a written record of a transaction.  Would would provide a receipt to the claimant upon payment of an invoice.
  
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