In this space business owners are usually referring to record keeping and for me this encompasses a couple of different areas – what to do with the paper, and how to collate it all in a manageable format?
What to do with the paper?
With so many businesses being mobile these days, it’s important to have somewhere safe, clean and dry to store your receipts while you’re on the go. Keeping a small plastic envelope (available from most stationery stores) in your car is a great idea – pop your receipts in the envelope during your travels then transfer them to your office on a regular basis.
Once inside you can keep your reciepts and paperwork in a temporary file such as a plastic “in-tray” or draw filing system (also available from stationery stores) and once you prepare you Business Activity Statement or Bank Reconciliation you should move your documents to a more permanent filing system such as using lever arch folders.
One important tip in keeping thermal receipts is to ensure none of the important details are covered by sticky tape or kept in plastic pockets for an extended period of time as the print will fade…
How to collate it all in a manageable format?
My love of the Xero accounting system continues. I wrote a whole series of blog posts on Xero and you can find them by searching Xero on my website!
I have two rules when it comes to record keeping:
- Get training, and
- Make time
Let me know if you need a hand.