Thursday, April 9, 2009

Organizing Your Business

While I'm struggling to keep my sanity during this 5 Day Cleanse that I'm doing, I still feel compelled to write and keep all of my blogs on focus so here's today's post:

A very important aspect in running a successful business is being organized. Keeping your important documents, invoices and financial records etc. organized will make you feel more in control.

In order to be successful working at home and running your business, you must be responsible at maintaining an organized records system. Since you are running a home business, you probably don't have the money at the beginning to hire an accountant do maintain all of your records. However, you should allow the accountant to complete your income taxes. Your sales tax returns, you can do yourself. They are not very difficult. If you are just a sole proprietor then you won't have to worry about this but you still need to be organized.

When organizing your important documents, follow these simple steps:
  1. File paid bills, canceled checks and other documentation in a safe place in an organized manner utilizing file folders, filing cabinets or filing boxes. Ensure each file is clearly labeled

  2. Categorize your receipts throughout the year so you don't have to go searching for them at tax time

  3. Consider using a small business program such as Quick Books to keep track of sales invoices, expenses and inventory.

While I don't personally utilize a program to track my expenses, I do keep an excel spreadsheet and I file all of my invoices and sales receipts in an orderly fashion. I also have a built in program for my websites to track all of my sales, customer information and profit margin. This greatly helps to keep things organized and easily accessible. Of course, I wasn't always this organized and I'm still a work in progress but now I have less papers everywhere! Being organized only leaves one with a feeling of being out of control. Once you have organized your business documents, you have taken a very important step to setting the stage for your business to be successful.


Snowberry Creek said...

How true this is, Michelle. I, too, am a work in progress. Since I run more than one business, I have a ton of papers. Getting organized and filing papers right away helps with keeping the papers from piling up and getting lost. It is much easier to file as you go then to get a huge pile to have to wade through. Voice of experience talkling here. lol

I have found QuickBooks to be a very valuable program. I use it in one of our business for payroll, check writing, expense tracking, invoicing, etc. It is easy to use and helps keep one on track.

You gave some great tips and ideas for anyone running a home-based business. And you definitely feel more in control when your office isn't being overtaken by papers.

Natalie MacNeil said...

Great post Michelle! I think a lot of entrepreneurs can relate to this. Like Snowberry Creek, I use QuickBooks and find it to be very helpful. It keeps me organized.

I would also like to thank you for your comment on about nominating me for an Attitude of Gratitude award. Thanks Michelle :)

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