One of the many things that costs small business owners money is the lack of effective record keeping. One of the many things that I have found with business owners when managing , is how little importance is placed in keeping records in a safe, easy to find manner. You don't have to have the 'u beaut, latest technology' to keep records - the simpler, the better!!
The filing system that I use the most, is cost effective and works the best when needing to go back and view past expenses and income, is the simple lever arch file and the use of dividers. Depending on the size of your business, it is easiest to have 1-2 lever arch files with dividers for monthly income and expenses and a separate lever arch file for taxation information, any correspondence received that relates to the business, bank statements, credit card statements and loan statements - anything that applies to the running of your business. When it comes to tax time, your accountant will thank you for it and, as it will reduce the amount of time required to sort your paperwork out, will save money!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment