Create a Business Recordkeeping and Accounting System

Capturing all your information involves careful planning and good systems. Here are some tips to help with information capture:

• Keep a Log
  When you travel for business, keep a daily log of where you went, who you met with, what small amounts you paid (for tolls, for example). Include information on meals and hotels. See the Business Travel Guide for more tips on keeping records of travel.
  
  
• Save Receipts
  It is easy to forget the small purchases, but they add up. Find an easy way to save small receipts, possibly by putting them in envelopes or a file folder.
  
  
• Keep Track of Petty Cash
  Petty cash is the amount in your business cash drawer that you use for small office purchases, like donuts for staff meetings and stamp purchases. Make sure everyone who uses the petty cash drawer fills out a slip showing amount of purchase, date, and reason.

Remember, you must capture the information to record it.

Index: Create a Business Recordkeeping and Accounting System

1. Find Business Accounting Software
2. Decide Who Will Do Your Business Bookkeeping
3. Create a Chart of Accounts
4. Capture All Accounting Information
5. Check Information for Accuracy and Completeness
6. Record Financial Information in Your Accounting Software
7. Review Your Financial Reports Regularly
8. Act on Your Review of Financial Reports
9. Meet with Your Tax Professional Regularly
10. Run Tax Reports and Pay Business Income Taxes