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How to Organize Small Business Paperwork - Complete Guide
The
paper-heavy nature of small businesses is enough to make you want to pull your
hair out. Thankfully, there are some simple things you can do to stay on top of
your paperwork so that it doesn't overwhelm you. If you're already overwhelmed
by your business's paperwork, these tips will help ease the stress and get you
back on track.
Importance of Keeping Small
Business Records
Keeping good records is important for many reasons.
First, it's a legal requirement for some businesses (like banks and insurance
companies). Second, good record-keeping can help you avoid tax penalties or
even audit fees by making sure that your company's finances are in order.
Thirdly, using an invoicing app can
greatly simplify the record-keeping process and improve accuracy, making it
easier to spot trends in customer behavior or pricing trends over time.
Finally, having access to past records allows entrepreneurs who have stepped
away from their businesses temporarily--whether due to illness or other
reasons--to come back up-to-date when they return.
Common Paperwork Mistakes to
Avoid in Small Business
Here
are some common paperwork mistakes to avoid in small business:
●
Lack of organization. The best way
to keep on top of your paperwork is with a filing system that works for you and
your business. You should be able to easily access any document at any time, so
it's important that you choose a method that makes sense for both the size and
scope of your company. For example, if the majority of your documents are
digital, then setting up an online storage system like Google Drive or Dropbox
will be more useful than creating folders in physical binders or folders on
your desktop computer screen (although these can work as well).
●
Not keeping track of important
documents. It's easy for small businesses with limited resources and time
constraints to not only lose track of their files but also fail completely when
trying to get back up-to-date again after losing critical pieces such as tax returns
or receipts from purchases made earlier this year because they weren't properly
stored away in advance before being lost forever!
Tips of Being On Top of Your
Paperwork
●
Keep a clean desk. You might be
surprised at how much you can get done if your desk is organized and
clutter-free.
● Utilizing a blank
invoice PDF template can help keep track
of important financial documents and invoices while also keeping your desk
clear of unnecessary clutter.
●
Use a filing cabinet or scanner
app to keep track of paperwork, receipts, invoices, and business cards.
●
If possible, store all documents
in one location so that they are easy to access when needed by someone else who
may need access to them (such as an accountant). This will prevent misplacing
any important information or having it getting lost in transit between locations
like home and work!
Conclusion
Now
that you know the importance of keeping your small business records, it's time
to get started on organizing them. It can be a lot of work, but with these tips
and tricks, we hope that you will feel more confident in managing your
paperwork.
