Welcome to my first blog post! In my blogs I will be sharing tips to help you achieve personal and business financial success. Please feel free to ask questions or make comments about my posts at firstname.lastname@example.org
As entrepreneurs we spend a lot of time focussing on refining our business idea, marketing our products and developing our customer base. We don’t spend enough time organizing our bookkeeping. During the first stage of developing your business idea, you should also start organizing your bookkeeping paperwork such as expense receipts, government registrations and tax information. For example, keep all expense receipts that relate to the start-up of your business. These expenses could be incurred long before you first sale. These business expenses will reduce your taxes even before you make your first sale. Next, I will outline the steps in organizing your bookkeeping.
The first step it to create a filing system for your business expenses. Make sure they are separate from your personal expenses. This can be as simple as purchasing alphabetical file folder to sort your expenses by category such as office supplies, vehicle expenses and registrations. Second, designate a specific room or space where you will do your bookkeeping. This will be invaluable when you need to refer back to something and it will make it easier to concentrate on the task at hand. Also, it will reduce the chance of losing important documents. Third, establish a regular routine such as once per week to organize your bookkeeping. This is essential as your paperwork can quickly get out of control. Whether you do your own taxes or use an accountant you will be thankful you kept you records organized at tax time. By following these easy bookkeeping organization steps, you can save time and money.