Keep Proper Records
Keeping accurate and up-to-date records is crucial to a successful business. Records are the most important management tool you possess and they come in handy at tax time too. An accountant can help set up a recordkeeping system or you can find books and forms to get you started. A good rule of thumb is to keep your records as simple as possible.
If you don't already have one, open a business checking account. This will help keep your personal and business finances separate and will provide a record of deposits and expenses. Avoid using the business account for personal expenses.
Depending on your type of business you may need to keep track of other information, including but not limited to:
- Inventory
- Client Contacts
- Petty Cash
- Suppliers
- Employee data
- Mileage
- Telephone Calls
- Accounts Payable
- Payroll
The ability to find and use information when you need it is invaluable. You can keep track of your information manually or use one or more of the many computer programs available for small businesses. Be sure to back up your work!
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