Record Keeping for a Small Business

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Record keeping is important for a small business because it's important to be able to access information in a timely fashion. Find out how to check a record keeping system for accuracy with help from a general business counselor in this free video on small business record keeping.

Part of the Video Series: Small Business Advice
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Video Transcript

The importance cannot be underestimated. You have to figure out a system to keep your records because you can't manage without information. And so you have to make sure that it's worth it to put in the time at the beginning to get a good system for record keeping because otherwise you're going to, it's going to cost you money either fixing it or not having good enough information to make timely decisions so it is super important. So you have to make sure it is timely. You have got to look at it every week, every month, every quarter and then you have got to make sure it is accurate because you have got to get good information in to be able to get good information out so I guess the biggest, I think the biggest challenge for a lot of entrepreneurs is cash management. So information about cash is crucial. Sometimes you have to wait to get paid if you are billing so you don't have that money even though it is technically your money. Another thing is paying bills you know so you have got to look at cash instead of just you know income. You have got to have some kind of system like we talked about. Sometimes you don't need anything complicated and you want to keep it as simple as possible without you know sacrificing any functionality that you need so a lot of our small business clients use Quick Books and that's a really highly used system. But we can, we provide little, sometimes you just need a little Excel Spreadsheet so other times you might need something more robust so it really depends on the business but you want to take the time to develop your system for record keeping and what reports you're going to look at and how often. Go ahead and do it and make sure you set it up right and if you don't know what you are doing you might want to hire somebody to help you set it up and teach you how to do it because you know you are learning to navigate usually especially if you don't have competency in record keeping to begin with if you didn't come to your business with that competency.

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