How Do you - Recover Lost Tax & Financial Data

Every business has problems when unexpected disaster strikes. You find that your books and records are ruined and your computer has crashed. Or you find your tax returns have burnt up and you are faced with the situation of trying to recover the lost data. It can cause huge business problems.

The first thing to do is salvage what you can and make a list of the areas requiring reconstruction.

Some tips that may help include:

  1. Get copies of bank statements and other information from your bank to enable you to reconstruct your financial affairs.

  2. Go to your suppliers and customers and see if they can provide copies of invoices and documentation.

  3. Go to the IRS and obtain copies of your tax returns, as well as financial accounts you have filed with those returns.

  4. Also from the IRS, obtain details of your Sales Tax returns because transactions with Sales Tax levied will be verified.

  5. Ask your staff about areas they can help you with. They will have wages records and receipts from the business and these can be used to recreate things such as payroll records etc. If your business uses an outside payroll service, then this area can easily be reconstructed virtually overnight.

Estimates may be required to complete any initial paperwork, and rebuild actual data as your business gets going again. Get right on to it. It is not something that should be left unattended for any length of time.

Thankfully your bank will have a lot of your financial transactions and information. If you are lucky you will find that at least 80% of your transactions can be recovered quickly and the others can be built up from talking to your suppliers, customers, IRS and other

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