Wednesday, August 26, 2009


For some folks…this is a terrible topic to bring up. Keeping accurate records is an absolutely necessity. Yes, it takes time…but, in the long run it is well worth the effort. Accurate, up to date books give you the ability to truly know if the products and services you are offering are profitable or not. It will also save you a myriad of headaches at the end of the year when your taxes are due. In the event of an audit…you will be ready.

Daily record keeping is a necessity in order to keep track of your sales and expenses. It will be necessary to keep up with daily sales, sales tax owed, expenses, payroll and payroll taxes.

If you prefer to keep track of your income and expenses manually, you can buy an accounting ledger book at your local office supply store for around $15.00. If you prefer to use an electronic method, there are several great bookkeeping programs out there. QuickBooks is a great, easy to use software program to help with record keeping. Another option is to use a secure online system (there is a version of Quickbooks set up this way). I will be researching a few of the online systems and reporting my finding to you shortly.

Another wise course of action is to talk with your accountant about the best ways to keep your records organized. Your accountant can also give advice on how to best setup your payroll system. He or she should be able to advise you on what deductions you will need to withhold from employee’s paychecks.

Do you already use a particular bookkeeping system? If so, please let us know what you use and how well it works for you. If you have questions about a particular system, please ask them and I will try to get some answers for you. Keeping accurate books is essential to the success of your business. At and, we’re interested in helping you succeed! Thanks!

1 comment:

Unknown said...

Thanks for the great advice! Please let us know your findings.