1.
Record
Keeping
FOR ASMALL
BUSINESS

2.
RECORD KEEPING
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What do you know or want tolearn about record
keeping?

3.
Introduction
Record keeping
importantforsmall
businesses
• Sole proprietor
• Partnership
• Corporation

4.
What is RecordKeeping?
RECORD KEEPING
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Remember – Keep good records, both
business andpersonal

5.
• Customer records
• Sales records
• Correspondence
• Inventory
Business Operations, TrackingDetails

6.
BENEFITS OF KEEPING RECORDS
• Monitor the progress of you business
• Prepare Financial Statements
• Keep track of deductible expenses

7.
BENEFITS OF KEEPING A SEPARATE
CHECKING ACCOUNT
• Much easier to keep track of business income and
expenses.
• Validates claim of being a business rather than a
hobby.
• Helps establish status as an independent
contractor vs being an employee.
• If a sole proprietorship, just open a separate
personal checking account.

8.
PAYING YOURSELF
• Write a business check to yourself, then deposit
it into your personal account.
• Known as a withdrawal or personal draw, it is
for paying non-business and/or personal expenses.

9.
Income Documents
Expense Documents
Entertainment, Meals, and Travel Expense Records
Supporting Documents
Filing Supporting Documents
Listed Property

10.
Summary
• What final questions do youhave?
• What have youlearned?
• How would you evaluate thetraining?
RECORD KEEPING
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