When you work from home or own your own home business you quickly find that you are holding down a multitude of jobs. From HR specialist to AR/AP clerk you are in charge! Now of course you can hire some of these responsibilities out but for the most part it is you against the world.
One of the most critical things to focus on is good record keeping. If you don't know where your business is at you will never know where you are going.
So what do you need to do? Let me count the ways.
- Keep all your receipts. All! You can always decide later if you really needed it or not but once it is in the land fill....too late!
- Keep track of the cost associated with your home such as mortgage payments and interest, utilities, etc.
- Advertising, signage, long distance bills etc.
- Any fees paid for associations, clubs, or professional memberships.
- Any fees paid for professional services such as your lawyer, accountant, business consultant. etc.
- If you have any employees you need to keep track of timesheets, SS#, drivers license, I-9 and other tax forms, waivers, accident forms etc.
- Any government forms or records such as OSHA compliance, inspections, taxes, audits, etc.
This is a good start. Depending on what type of business you own you will have other records to keep. Start out right away, left to build up you will regret the time spent in re-creating or searching for documents and other paperwork that should have been dealt with from the very beginning!
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