This week we’re going to talk in a very basic way about structuring your accounting and paperwork. If you don’t know how to do this, it is VERY important to contact a CPA and have them set your business up and possibly have them refer a book keeper as well.
When considering accounting and paperwork, you need to create a plan that details the various tasks you’ll need to carry out while maintaining your records and paperwork. If you have a business or accounting background, you may know what to do, but if you are at all unsure, talk to someone who can help you like a CPA (certified public accountant.)
Think about things you’ll need to do like profit and loss reports, taxes, and other record keeping. Think deeply about your scheduling, for example, will you need to do certain things daily, weekly, monthly, quarterly, or yearly?Â
You need to stay on track with your paperwork and your record keeping, because not only are there some penalties for failing to get things done on time, like for taxes, but information is the fuel of your busniess, and making sure that you have that data available to make decisions on is absolutely very important!
