A business should record various types of data, including but not limited to:
Financial Transactions: All income, expenses, assets, liabilities, and equity should be recorded. Inventory: Detailed records of inventory levels, purchases, and sales are crucial for inventory management. Employee Data: Information on salaries, benefits, and other employee-related expenses. Customer Data: Sales records, customer feedback, and other relevant customer interactions. Contracts and Agreements: All business agreements, leases, and other contracts should be thoroughly documented.