Record Keeping Tips For Business Owners

We may not be accountants, but we know that business owners need to track their income and expenses as well as keep track of myriad other details that will help make tax filing time much easier. It doesn’t matter if you’re a first time business owner or a long-time entrepreneur, now is the time to make certain your business is in a good place with its record keeping — don’t wait until December 31!

What can you do to stay organized and on track with your business records?

  1. Set up folders — whether virtual or in a file drawer — label them and take time at the end of every day to put the paperwork into the folders that needs to go there.
  2. Keep track of your receipts. File your invoices and income. Set up file folders for your clients so you know when they need to be billed and whether they’ve paid.
  3. Have your contractors and employees complete W9s or W2s at the beginning of the year and file them with your year-end tax information.
  4. Track the miles that you drive for business. Keep a mileage log in your vehicle and note your beginning and ending miles every time you get into the car to visit a client or attend a meeting. Tally up the miles at the end of the year and share them with your accountant.
  5. Build your business team. Look for an accountant, a legal advisor, an administrative assistant or a marketing person, etc. determine what roles need to be filled to keep your business viable and for which you don’t have the time or talent to complete.

We can help you with your business systems, business plan and with implementing systems and processes to make your business as successful as it can be.