Bookkeeping for the Small Business Owner in 5 Easy Steps
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for the SMALL BUSINESS OWNER in Easy Steps! Image Credit: bookpals.net/contact-us/owl-on-books/ RECEIPTS INVOICES BO OKKEEPING 5 BANK STATEMENTS
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Many business owners identify with the guilt of not keeping a proper record of expenses, bills, receipts, and invoices. It’s easy to fall behind on your bookkeeping because the natural thing to do is spend time on activities we find pleasant and enjoyable. Unfortunately, ignoring your books leads to disorganization, late fees, long overdue client balances, and dreaded bill collectors. If this situation sounds familiar, you’re not alone. The best solution for you as a small business owner is always to stop “burying your head in the sand.” You are not doomed to failure no matter how far out of hand things have gotten. Taking control of your books is a matter of organization. Remember, there is always someone out there who actually likes bookkeeping if you would rather assign the task to someone else. This brief slide show you are about to watch gives you an easy five step process which can serve as the foundation of all of your bookkeeping. This method works for receipts, bills, bank statements, and any important financial documents. Every small business (or household for that matter) needs a system of record keeping in place because money is the lifeblood of your business! Download the full and detailed report at the end of the presentation. Thanks for watching!
Transcript of Bookkeeping for the Small Business Owner in 5 Easy Steps
for the
SMALL BUSINESS OWNER
in Easy Steps! Image Credit: bookpals.net/contact-us/owl-on-books/
RECEIPTS
INVOICES
B O O KKEEPING
5 BANK STATEMENTS
Pick Your Tracking Method
Tracking method is a matter of personal preference, but it’s important
to reconcile your books at the end of each month to catch potential errors.
1
BY MONTH
January
February
March
April
May
OR
http://info.milestoneadvisors.net/blog/bid/170352/Segregation-of-Accounting-Duties-Cash-Receipts
BY EXPENSE
Office Supplies
Meals
Travel
Postage
Advertising
Think about how you prefer to organize accounting records, receipts, bank & credit
card statements, invoices, bills, and financial statements.
2 Choose Your System
Paper
Electronic and/or
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Gather Your Toolkit
Get into the habit of storing all accounting related activity with a consistent system. Your toolkit will help you stay organized,
making it easier to locate items when you need them and fix reconciliation errors..
3
Labeler
File Folders/Jackets
Scanner
Binders Software
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Make an Archive
Check with your country’s regulatory agencies to determine how long you must keep your accounting
records. At the end of the year, determine what information to keep and what to shred. Then, transfer it to a folder, external hard drive and/or cloud solution for
long term storage.
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Password protected cloud storage
Water-proof, fire-proof, lockable file cabinet
Remote backup onto external hard drive
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Get the Right Help
Be honest with yourself. If you are not good at bookkeeping or you do not have
time to do it, then outsource or delegate it to someone with specialized knowledge or
training. Above all, value your time.
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A good bookkeeping system ensures you do not waste
valuable time and money searching for misplaced information.
http://www.gwarlingo.com/2012/rachel-perry-welty-transforms-clutter-into-art/ Equilibria, Inc.
Want More Info?
©Copyright 2009, 2014
Get a Full & Detailed Report of this 5 Step System for Small Business Owners… Learn specific steps to create your own in-house system to ensure your small business’ accounting records are organized, tracked, backed-up, reconciled, audit-ready and properly stored. Remember, a good bookkeeping system will also eliminate late fees and free up more of your time to focus on doing what you do best – running your business!
click here or on the Get In Touch button below to download this FREE report!
