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How can you efficiently organize financial documents for your small business?

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As a small business owner, you know how important it is to keep track of your financial documents. They help you monitor your cash flow, track your expenses, file your taxes, and comply with legal requirements. However, managing and organizing these documents can be challenging, especially if you have limited time and resources. Here are some tips on how to efficiently organize financial documents for your small business.

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Harley J. Schwartz, CPA

Books done right. Year-round tax planning. Flat fee.

1 Choose a system

The first step is to choose a system that works for you and your business. You can use paper-based, digital, or hybrid methods to store and sort your financial documents. Paper-based methods involve keeping physical copies of your receipts, invoices, bank statements, and other records in folders, binders, or boxes. Digital methods involve scanning, uploading, or downloading your documents and storing them on your computer, cloud, or online platforms. Hybrid methods involve using both paper and digital formats, depending on your preferences and needs.

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Harley J. Schwartz, CPA

Books done right. Year-round tax planning. Flat fee.
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- Build it into your routine. - Don't shortcut and don't delay. - Have a standard system, and follow that system rigorously without exception. Exceptions eat time later. - Make sure in your documentation you know what you did, and why you did it. Ten years from now after you've forgotten everything, you want to know exactly why you did what you did today.

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2 Categorize your documents

The second step is to categorize your documents according to their type, purpose, and frequency. For example, you can group your documents into income, expenses, taxes, payroll, and legal categories. Within each category, you can further subdivide your documents into subcategories, such as sales, purchases, utilities, rent, insurance, and so on. You can also label your documents by date, month, quarter, or year, depending on how often you need to access them.

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Harley J. Schwartz, CPA

Books done right. Year-round tax planning. Flat fee.
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- Put reference numbers in the document titles. For example if you assign client numbers, put that first. If John and Jane Smith are client 1057, your document title should start with "1057." - Next, have a shorthand for the relevant date of the document. For myself I use an appreviated form of the year and the month. A document from October 2023 is "2310." That way the system sorts by year then by month. - This, combined with the numbering convention, means that a document for the Smiths from October 2023 will start with nomenclature "1057 2310." - Keep titles within the nomenclature short, and even use abbreviate them. For me, "FS" is Financial Statement, "PL" is Profit & Loss. Naming convention may look like "1057 2310 FS.

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3 Follow the rules

The third step is to follow the rules and regulations that apply to your business and industry. Depending on your location, size, and nature of your business, you may have different legal and tax obligations that require you to keep certain financial documents for a specific period of time. For example, the IRS recommends that you keep your tax records for at least three years from the date you filed your return. You should also check with your state and local authorities for any additional requirements or guidelines.

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4 Purge and backup

The fourth step is to purge and backup your documents regularly. This means that you should discard or shred any documents that are no longer needed or relevant, such as duplicate copies, outdated information, or expired contracts. This will help you free up space, reduce clutter, and avoid confusion. However, before you purge any documents, make sure you backup your digital files and copies on a secure and reliable device or platform. This will help you protect your data from loss, damage, or theft.

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Frances Anderson Vice President

Crye-Leike Realtors Southeast C2XENDORSED RPAC, NAREB RPAC Hall of Fame 2023,President's Circle, Vice President Circle of Excellence President Women's Council State 2023 Memphis 2014 MMDC President 2019-2020 ABR CRS GRI
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I agree with purging outdated and no longer needed documents.It will definitely make life easier to just declutter shred and let go of unnecessary outdated and expired files. You will have a new outlook on losing the unnecessary documents. Hire someone to help keep the focus on your business and don't get overwhelmed.

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5 Review and update

The fifth step is to review and update your documents periodically. This means that you should check your documents for accuracy, completeness, and consistency. You should also update your documents whenever there are any changes in your business, such as new products, services, customers, suppliers, or employees. This will help you keep track of your financial performance, identify any errors or discrepancies, and make any necessary adjustments or corrections.

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6 Seek professional help

The sixth step is to seek professional help if you need it. If you are not confident or comfortable with organizing your financial documents on your own, you can hire a bookkeeper, accountant, or financial advisor to assist you. They can help you set up and maintain your system, prepare and file your taxes, and advise you on any financial issues or opportunities. They can also save you time, money, and stress by ensuring that your documents are accurate, compliant, and secure.

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Frances Anderson Vice President

Crye-Leike Realtors Southeast C2XENDORSED RPAC, NAREB RPAC Hall of Fame 2023,President's Circle, Vice President Circle of Excellence President Women's Council State 2023 Memphis 2014 MMDC President 2019-2020 ABR CRS GRI
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I totally agree with the seek professional help to ensure accuracy and to be compliant. Working and having a busy schedule can be overwhelming and stressful. We sometimes have the mindset that we can do it all. But it sometimes makes it easier to just hire a professional to get it done and relieve your stress. You can get more done and be more productive if you do this. Just let it go and breathe.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Hitesh Dullabh

Private Debt | Investment Management | CA ANZ | CA (SA)
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Rather than only performing reporting based activities solely to meet tax or regulatory reporting deadline, keep accounts and supporting schedules up to date monthly as this eases the burden when it come to annual reporting as well as fund raising activities which may happen periodically and doesn't necessarily coincide with tax or other reporting submission deadlines.

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How can you efficiently organize financial documents for your small business?

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1 Choose a system

2 Categorize your documents

3 Follow the rules

4 Purge and backup

5 Review and update

6 Seek professional help

7 Here’s what else to consider

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