[MINI-COURSE] Keeping Good Financial Records
Becoming a business owner is one of the most rewarding things I’ve ever done.
And while there are so many amazing things I love about business, there are some aspects of entrepreneurship that aren’t so fun but they still have to be done.
One of those things for me is record keeping. Unless you’re an accountant or a bookkeeper, tracking all the numbers in your business and keeping up with other intricate details of your venture can be a downer. But keeping good records is a vital part of your business success so you have to develop a good record keeping system from the start.
Even if you’re like me and the thought of record keeping makes you itch, I want to share some tips with you in this mini-course that will help take some of the edge off of keeping records and help you stay organized, in compliance and on top of your business game! Take a listen!
Check out the video teaching below to get started!
Here’s a quick recap:
1. Paperwork in your business comes in many forms.
Examples of this are quarterly tax payments, sales tax records, monthly book keeping needs, profit and loss statements, balance sheets and many industry related reports. You need up to date records to prepare tax forms and to help you make business decisions, especially if your business is growing or you want to expand.
2. At a glance, your records should tell you:
How much cash you owe
How much cash you are due
How much cash you have on hand
3. Keep your personal records separate from your business records.
Establish a separate bank account for your business before your first sale. That way you will have a complete and distinct record of your income from your revenue and expenditures for tax purposes and you won’t have to remember which expenses were business and which were personal.
Get your FREE Financial Records Checklist HERE.
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What was your favorite takeaway from this mini-course?
Share your thoughts with me in the comment section below. Have questions or want to share your advice on how you keep financial records? Drop ‘em below in the comments too!