Organizing Business Records

Posted on 31. Mar, 2021 by in Misc. Articles, Small Business Tips

Here are some suggestions to help you master the art of documenting and organizing your business. now and in the future.

  • Document policies and procedures. Write down daily responsibilities, and skills needed to complete tasks related to these responsibilities. Write down the location of all paper and electronic files. Appoint and cross-train backup staff to ensure these daily tasks are done.
  • Document your succession plan. Documenting your succession plan is critical for both you as the owner and for your employees.  Even if it may not be needed for another 10 or 20 years. Consider how much longer you plan on owning the business. Think about who you have in mind to take over after you leave. If you currently don’t have a successor in mind, document your plan to either train or find this person(s).
  • Document your tax planning strategy. Be aware of possible tax incentives, such as credits for hiring certain workers and accelerated depreciation for acquiring business assets. For example, for asset purchases, retain receipts and record the purchase details. These details include the type of equipment, the acquisition date, the amount of the purchase, the date you began using the equipment, and a schedule of related set-up costs.
  • Organize your daily documents. Organize your desk by shredding documents with sensitive information and scanning older papers into computer files. Scan, file, and shred as soon as you are finished with a document. If you don’t have time, consider assigning document organization to specific employees. Make it a task to be completed on a daily basis.

You’re busy, and you may feel that organizing your records will take more time than you have available. But spend a minute and consider how using these organizational tips may save you not only time, but money as well.

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