Just make sure you understand what you are doing before you automate your record-keeping. In addition to your handwritten ledgers and computer reports, you need to keep original invoices documenting expenses paid, as well as copies of the invoices you send to customers. You also need to keep your bank statements, employee payroll records, and inventory records. Assets such as computers and office furniture should have a permanent file showing the cost of the assets and a depreciation schedule. The same holds true for telephone and gas credit card accounts used exclusively for business.
Accurate records are just the first step.
Jenai Lane, president of Respect Inc., a designer of jewelry and accessories in San Francisco, recommends that start-up business owners take a formal course in the basics of financial statements. Just remember, this business belongs to you , not the accountant. Find the business of your dreams at Entrepreneur's Opportunity Finder . Categories Main Menu Business Svcs. Food Home Services Personal Care Professional Retail Specialty Prod.