- Financial Affairs After the Death of a Loved One
- Records Retention, IRS, PA's & your filing cabinet
- Why Record Keeping Is Important
- When a Loved One Passes - Part 2 - Personal Belongings
- Getting Organized After a Loved One Passes
| Home Finances The Organized Affair 5 Reasons Why Record Keeping Is So Important
The Organized Affair5 Reasons Why Record Keeping Is So Important
No matter how you calculate it, poor record keeping adds up to lost money. From lost tax deductions to time spent looking for receipts, keeping what you earned starting with managing your paper. Learn how it's done.
When you decided to start your business, was your first priority concerned with setting up your filing system for recording your expenses? I seriously doubt it. This simple task (yes it is simple) is usually the item that is the last thing on the new business owner's mind. The more "important" issues of what product to sell, how am I going to advertise, how much money is it going to cost me, and how much money can I make are the first questions we consider when going into business.
The task of Record keeping is usually procrastinated until the very last minute, when it is required. It is time to file your tax return, or time to go to the bank to get a loan for the business and the banker wants to see some financial records for the business. This can be a very daunting and cumbersome task if you have to dig through receipts and expenses for the whole year! No wonder we hate keeping records. That's no fun!
Well, guess what? If you aren't keeping good, timely, and up-to-date records monthly, you don't need to be in business. That's right. I said it. Here are the top five reasons why I truly believe this statement.
As a business owner, you need to realize the importance of a good Record keeping system. This should also be a task that the business owner performs for at least three to six months before delegating the job to someone else. You will be able to run your business more effectively, determine possible cycles in the business year, and know where your money is going. Your business will be much more successful if you keep a simple Record keeping system.