I would like to open a discussion on business related issues. Throughout my career I have given alot of advise, service and tools to assist small, medium and large companies with their accounting and business needs. I thought I would share some of my knowledge here. So if you would like to discuss business related issues from payroll, income, state etc tax to analytical tools (spreadsheets, profitability/loss ratios), business set-up, planning or investment strategies, recordkeeping, accounting system set-up/maintanence or anything else lets discuss.
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Any advice you could give to myself and other small business owners as to how to start off organized before the clutter and paperwork become a burden?
Hello Nprogress I actually spoke of this topic during a video series that I started, giving very basic advise. The series can be found on my social network. You can click on the below link or any within the blogs that I posted. It is by subscription only so you will have to sign up and wait for me to approve you.
It's funny that out of all the questions u would ask this. I don't know if u know my history but I am an accountant first generation in my family because my aunt wasn't able to get into the field due to racism. As a result she accepted a position as an accounting file clerk though she could have done so much more. Anywho I usually advise all small businesses starting up to file according to their federal, state, payroll and other taxing authority obligations. This is mainly because for the first couple of years most of your issues will come from these areas. As you grow your filing system will obviously grow. As an accountant any filing system I set up will be with my background in mind. For instance if you are inputting journal entries you want a file that contains only those for each reporting period. You may want a file for all of your cash receipts so that you can keep up with them based on deposit & reconciliation period. I would keep a seperate file for all of your business filings so that you can keep up with 1. the various authorities you must renew your filing with and 2. so that u know if u missed any initial filings before it's too late (trust when I say I am dealing this now with a company I am helping out). All payables and receivables should be kept by period and according to expense and type of revenue stream. Because I am also an analyst I would set up spreadsheets to track expenses, receipts etc by period all amounts should tie out to monthly rec's, tax authority returns and supporting doc's (your paper files).
There is so much more to this that to go beyond I would need to speak to u about ur specific need or business type. Feel free to post here or join my network and we can take it further, if u like.
Thanks for the tip. I will begin scanning important filing documents this weekend. I missed one of my registration dates and had to pay a $50.00 penalty because of lack of organization.
I also have not kept track of all my reciepts for tax purposes. Next tax year will be better. Since it is only my 2nd year in biz, I dont think this year will be that much of an issue, but I wont know until I go to file.
Lastly, creating and maintaining a spreadsheet is a hard step for me. I cannot afford an accountant, but need the expertise to get established. I will be picking your brain as much as possibele. I will put together a spreadsheet, but I dont really know what to put on it.
I will also look into your social networking site. Thanks for your knowlede and willinglness to help.
No problem Nprogess. If you haven't kept good records of ur receipts if you paid by check or credit card you could use those to help you figure out ur expenses. I will be more than happy to help you create a simple spreadsheet for tracking ur expenses.