Small Business in a Big World

November 19, 2009

Record Keeping Tips for Small Business

Filed under: Uncategorized — itbiznez @ 5:42 am
Tags: , ,

In order to run a small business smoothly, you must always keep the information in an accurate and timely manner. Having a good business record keeping will help you evaluate your financial information easily.

If you are just starting your business, ensure that you have filed paid bills, checks, receipts and other business documents properly. You are not required to do formal record keeping, but it is still best that you got a systematic approach when it comes to keeping all your records.

You must be serious in keeping all business records. Here are the things that you need to include in your small business record keeping:

1. Check Register

This should be a separate bank account for your business. This might be a simple record of bank statement that you have been receiving every month. You can use this to balance your checkbook.

2. Summary of Receipts of Gross Income

You have to record where your money comes from. Tally it in daily, weekly and monthly basis.

3. Monthly Summary of Listings Expenses

You also need to know where your money is going, so you need to keep a record of your expenses.

4. Disbursement Records

This is a check register or expense journal which will show the payment bills. This could be a journal where you put all the transactions which you paid for.

5. Asset Purchase Listing

This is a list which includes all expenses generated by purchasing equipments, vehicles and other assets.

6. Employee Compensation Record

This is a record which shows manpower costs.

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