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Record Keeping

Thank you for the training on record keeping for small businesses. Let me know if you need any other assistance.

Uploaded by

Anhar AlMukahhal
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168 views27 pages

Record Keeping

Thank you for the training on record keeping for small businesses. Let me know if you need any other assistance.

Uploaded by

Anhar AlMukahhal
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 27

RECORD KEEPING

FOR A SMALL BUSINESS


Welcome

1. Introductions
• Explain the concept of record
keeping and its importance to
small businesses

• Identify record keeping practices,


Objectives rules, and tools commonly
available to small businesses

• Explain how record keeping


practices, rules and tools work
Objectives

• Identify benefits a small business derives from proper


record keeping

• Explain record keeping basics for a small business

• Identify software products available for small business


record keeping
What Do You
Know?
►Whatdo you know or
want to learn about
record keeping?
Introduction

Record keeping
important for small
businesses
► Sole proprietor
► Partnership
► Corporation
What is Record Keeping?
• Orderly and disciplined practice of storing business records
• Ranges from simple (manila folder) to complex (online electronic filing)
• Provides fast retrieval of records
• Updated on a on-going basis

Remember – Keep good records,


both business and personal
► Business Operations
Why is ► Tracking details
►
Record ►
Planning
Legal
Keeping ► Contracts

Important? ►

►
Licenses and permits
Payroll and personnel
Customer records
Business •

• Sales records
Operations, • Correspondence
Tracking Details • Inventory
Discussion Point #1: Your Record Keeping
Discuss your business record keeping practices.
1. Identify detail records you already keep.
2. Identify planning records you already keep.
3. Identify legal records you already keep.
4. Identify tax records you already keep.

5. Think more about your record-keeping.


• Are there records you don’t need to keep? Why not?
• Did we miss any records that you currently keep?
• Are there records that need to be added to the list?
• What area of record-keeping needs your attention?
Record Retention
Examples (Years)

e r
ev
o r
F
Record Keeping Tools

• Simple “paper tools”


• “Tickler” system
• Computer systems
• Cloud computing
• Accounting Use
what
• File hosting works
best
Simple “Paper Tools”

• File folder
• Hanging folder
• Cabinet storage
• Accordion folder
“Tickler” System
• Use a tickler system to remind you of upcoming events such as:
• Quarterly taxes
• License renewals
• Insurance reviews and
renewals
• Upcoming bills
• Call-backs
Computer Systems
• In addition to paper tools
• Takes less space than paper
• Faster and easier – Internet transmission
• Many businesses and government agencies allow use of Internet
• Learn and grow into computer systems over time
• Be sure to BACK UP files daily
Cloud Computing

Use the Internet to store,


manage, and process
data (vs. your own
personal computer).
Cloud Computing, Accounting
• Offered by accounting
software companies
• No need to buy
software upgrades
• No loss of data when
computer crashes
• Access data from
anywhere
Cloud Computing, File Hosting
• Share with colleagues
or clients
• Share large files
• No loss of files when
computer crashes
• Accessible from
anywhere
• Free and fee-based
options
Business Software

• Evaluate business needs


• Many software products available
• Spreadsheets
• Email
• Accounting
Business Software, Evaluate Business Needs
• Inventory tracking?
• Manufacturing
• E-commerce?
• Multiple users?
• Industry specialization?
• Online options?
• Anything else?
Business
Software, Email
• Communicate with
clients, employees,
suppliers, vendors,
contractors, etc.
• Use “local” computer
or
webmail
• Keep good records by
creating email filing
system
Business
Software,
Spreadsheets
• Track information such
as clients, inventory,
sales, employee time
sheets, etc.
• Matrix of rows and
columns
• Frequently used for
financial “what-if”
scenarios
Business Software, Accounting
• Track business financial records such as sales, expenses, inventory, and
assets
• Many advantages
• Reduced errors
• Faster
• Inexpensive
Better
organization
• Better organization

Reduced
errors ACCOUNTING
SOFTWARE Inexpensive

Faster
calculations
Business Software Training
• Tutorials and free trials
• Online software training and webinars
• YouTube
• Community Colleges
• Accountants
• Bookkeepers and Consultants
Key Points to Remember

• Use record keeping tools that work for your business


type, size, and complexity

• Evaluate your business needs before purchasing business


software

• Again – START NOW


Summary

► What final questions do you have?

► What have you learned?

► How would you evaluate the training?


Conclusion
You learned about:
• What record keeping is and how it’s important
• Record keeping basics – practices, rules, and tools
• Which records to keep – tracking, planning, legal, and taxes
• Benefits of record keeping
• Business software available for record keeping
• Business software training

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