Simple Tips For Business Record Keeping

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computer, clipboard and various notebooks on a flat surface

When it comes to opening up your own business, it will be one of the most exciting and most stressful things you ever do.

On a par with buying your first house, starting up a business involves a lot of forward planning, clever thinking and legal jargon. Once you have managed to set up your business and start trading, one of the things you need to think about is how you will keep your records. Your records will track sales, profits and outgoings each month and will allow you to see if your business is growing or not. Here are some top tips for keeping great records at work this year.

Use free apps

Now that the internet is a wonderful addition to our lives, we have the pleasure of having the world at our fingertips. This doesn’t just mean the ability to keep in touch with our family or see when our favourite movie is coming out, it also means we have tools for business. When we are keeping records for our business, we can use a lot of the free applications and tools online to make things easier. For example there are things such as Microsoft office, Pay stub generator, quickbooks and hootsuite which store information and analyse data for us to keep us on top of things throughout the years. Why pay for something when you can get it for free?

Hire a team

If you want to make sure that your business records are kept in order and managed professionally throughout the years, you might be best off handing this job to someone else and making it their sole responsibility to keep the records up to date and keep you informed on how well your business is doing. Make sure to hire someone who is incredibly organised, friendly and someone who is great with numbers. This will ensure that the job is done properly and it can really make a big difference to the business as a whole.

Colour code it

If in doubt, get the colours out. Honestly one of the easiest ways you can organise your files for the business is to buy a different coloured file for each category. For example you could have red for your payroll information, Orange for sales records, yellow for costs, green for marketing data and blue for your stock and inventory. Having different coloured files might seem like a childish way to approach things but it will make your business records much easier to manage and easier to find when you need to look at them for any reason.

Separate business and personal

It is incredibly important for an entrepreneur to never mix your personal records with your business ones. If you accidentally count in your mortgage payment into your business costs one month it can throw you completely off fortune next month and it can make things very difficult. Keep your home life strictly at home and work strictly at work for the best possible results and organisation.

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