Why Record Keeping Rocks

Written by chicceo Published in

So maybe "rocks" was a little extreme but the practice of keeping good records is vital to every business.

Whether you are a sole proprietor or a corporation employing hundreds, your bookkeeping and recordkeeping should be at the forefront of your daily, weekly, monthly and annual business duties. If you don't currently have the best practices in place, we have highlighted some that you should keep in mind here. But it is never too late to start. Get your things in order, up to-date and then move forward with a plan! Not only will this reduce your potential headaches down the line but will make your business much more desirable whether you're looking to bring on employees, partners or to get purchased. No one likes a mess so take pride in your biz and take action, sister!

Here are some tricks we like to use:

1. Use your calendar to log your miles - make sure you add addresses to your calendar so at the end of each week you can go through your calendar and record the miles you drove in an Excel Spreadsheet. This will be particularly handy come tax time!

2. Keep envelopes labeled with each month in a special box in your office. Keep all of your receipts throughout the week in your wallet and at the end of the week, put all of your receipts in the corresponding envelope. At the end of the month, seal the envelope and send it off to your bookkeeper or record your expenses directly into your ledger.

3. Get in the habit of taking notes and filing them right after meetings. Whether you are keeping minutes that will be added to your corporate package or you just want to keep track of what you discussed with your business partner, file your notes using a system that makes sense to you. You could choose to file by topic, within certain journals, in folders on Dropbox, by date, etc. Just make sure you pick a system that is easy for you to find what you've recorded.

This is just a little reminder to help keep you on track. Its easy to fall behind but its important to catch up and you will feel so much better if you have everything in order and a system to help you maintain balance!

Have other methods that you like to use to stay organized? Share the wealth and leave us a comment or email hello@chic-ceo.com with your tips and tricks!

 

Need help with your books? Check out the Chic Black Books - if there isn't one in your area yet, its coming soon!

 

Comments

Per your request for methods used to keep business records. I have a hanging file folder for each division of the IRS's "Cost of Doing Business" worksheet. Receipts are sorted into the folders as costs are incurred. At the end of the year, it's simple to add them up. (Mine is a small, single-owner Mary Kay business.) Some of the folders, like mileage & postage, collect quite a few receipts, & depending on how busy I am, may be sub-totalled through the year.
Someday my business will be big enough to require an accountant, but in the meantime--when I finally figured out that these "titles" aren't going to change in the near future--this works well for me.
Make it a great one, sisters.
& MK Hugs to all,
Donna

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