This document provides guidance on record keeping for small businesses. It discusses the importance of record keeping for tracking business details, planning, legal compliance, and tax preparation. It recommends starting with a simple paper-based filing system and expanding the system as the business grows. Common record keeping tools include file folders, hanging folders, cabinets, and accordion files. Computer systems and cloud computing are also options. The document provides sample record retention schedules and discusses using business software to help manage records. It emphasizes the importance of properly maintaining financial, tax, personnel, and other business records.
What Tally.ERP 9 offers? We have created this document to describe them all in one place, being a company to provide Tally Software Solutions in Bangladesh, we want our clients to get more info about the product before taking any decision whether they go for alternative solutions or to stick with Tally.ERO 9.
Please do provide us feedback based on the content. We will be happy to release further update based on your feedback.
Este documento explica qué son las hipótesis en investigación. Define las hipótesis como explicaciones tentativas del fenómeno investigado, formuladas como proposiciones que pueden o no comprobarse. Explica que existen diferentes tipos de hipótesis como las hipótesis de investigación, las hipótesis nulas, las alternativas y las estadísticas. Además, señala que las hipótesis surgen de los objetivos y preguntas de investigación luego de revisar la literatura.
The document discusses selling a small business and succession planning. It outlines reasons for selling a business such as retirement or health issues. The steps to selling a business include determining if it is saleable, setting a price, preparing for sale, finding buyers, and negotiating a deal. Succession planning involves identifying and training successors to take over ownership of the business. Retirement planning benefits both business owners and employees by allowing tax-deductible contributions to grow tax-free until distribution.
The document discusses different methods for pricing products and services, including determining costs, value to customers, and profit margins. It also covers strategies like cost-plus pricing, value-based pricing, setting prices based on competitors, and tactics for raising or lowering prices. The goal is to maximize profits by finding the right balance between costs, customer value, and market prices.
El documento describe las principales formas del relieve terrestre, incluyendo montañas, mesetas, llanuras, depresiones y valles. Las montañas son grandes elevaciones del terreno con una cumbre en la parte más alta y laderas en los declives. Las llanuras son regiones planas que suelen ser antiguos fondos marinos desecados, mientras que las depresiones son terrenos a un nivel menor que el mar.
This document provides information about tax planning and reporting for small businesses. It discusses the various taxes businesses must pay, including federal income tax, self-employment tax, employment taxes, excise tax, sales tax, and local taxes. It describes the common federal tax forms businesses use, such as Form 1040, Schedule C, Form 1120S, Form 941, and Form 1099-MISC. It also discusses state and local tax obligations, paying estimated taxes quarterly, and money management strategies for taxes. The document is a participant guide for a training on tax obligations and planning for small businesses.
This document provides an overview of time management strategies for small businesses. It discusses the importance of time management, benefits of having a time management plan, and methods for prioritizing tasks like Pareto analysis, ABC method, and Eisenhower method. The document also provides tips for creating a time management plan with SMART goals and instructions for regularly reviewing and updating the plan.
This document provides an agenda and learning objectives for a workshop on managing cash flow for small businesses. The workshop will use a case study of a coffee shop owner, Bob, who is facing some cash flow issues. Attendees will learn about cash flow management tools like balance sheets, cash flow diagrams, and cash flow statements. They will then discuss strategies Bob could implement to improve his cash flow, such as increasing sales, negotiating better supplier deals, and reducing costs during slow periods. The document emphasizes the importance of cash flow management and seeking expert advice from accountants.
What Tally.ERP 9 offers? We have created this document to describe them all in one place, being a company to provide Tally Software Solutions in Bangladesh, we want our clients to get more info about the product before taking any decision whether they go for alternative solutions or to stick with Tally.ERO 9.
Please do provide us feedback based on the content. We will be happy to release further update based on your feedback.
Este documento explica qué son las hipótesis en investigación. Define las hipótesis como explicaciones tentativas del fenómeno investigado, formuladas como proposiciones que pueden o no comprobarse. Explica que existen diferentes tipos de hipótesis como las hipótesis de investigación, las hipótesis nulas, las alternativas y las estadísticas. Además, señala que las hipótesis surgen de los objetivos y preguntas de investigación luego de revisar la literatura.
The document discusses selling a small business and succession planning. It outlines reasons for selling a business such as retirement or health issues. The steps to selling a business include determining if it is saleable, setting a price, preparing for sale, finding buyers, and negotiating a deal. Succession planning involves identifying and training successors to take over ownership of the business. Retirement planning benefits both business owners and employees by allowing tax-deductible contributions to grow tax-free until distribution.
The document discusses different methods for pricing products and services, including determining costs, value to customers, and profit margins. It also covers strategies like cost-plus pricing, value-based pricing, setting prices based on competitors, and tactics for raising or lowering prices. The goal is to maximize profits by finding the right balance between costs, customer value, and market prices.
El documento describe las principales formas del relieve terrestre, incluyendo montañas, mesetas, llanuras, depresiones y valles. Las montañas son grandes elevaciones del terreno con una cumbre en la parte más alta y laderas en los declives. Las llanuras son regiones planas que suelen ser antiguos fondos marinos desecados, mientras que las depresiones son terrenos a un nivel menor que el mar.
This document provides information about tax planning and reporting for small businesses. It discusses the various taxes businesses must pay, including federal income tax, self-employment tax, employment taxes, excise tax, sales tax, and local taxes. It describes the common federal tax forms businesses use, such as Form 1040, Schedule C, Form 1120S, Form 941, and Form 1099-MISC. It also discusses state and local tax obligations, paying estimated taxes quarterly, and money management strategies for taxes. The document is a participant guide for a training on tax obligations and planning for small businesses.
This document provides an overview of time management strategies for small businesses. It discusses the importance of time management, benefits of having a time management plan, and methods for prioritizing tasks like Pareto analysis, ABC method, and Eisenhower method. The document also provides tips for creating a time management plan with SMART goals and instructions for regularly reviewing and updating the plan.
This document provides an agenda and learning objectives for a workshop on managing cash flow for small businesses. The workshop will use a case study of a coffee shop owner, Bob, who is facing some cash flow issues. Attendees will learn about cash flow management tools like balance sheets, cash flow diagrams, and cash flow statements. They will then discuss strategies Bob could implement to improve his cash flow, such as increasing sales, negotiating better supplier deals, and reducing costs during slow periods. The document emphasizes the importance of cash flow management and seeking expert advice from accountants.
This document provides an introduction to managing cash flow for small businesses. It includes:
1) An overview of key cash flow concepts like the cash conversion cycle and how cash flows in and out of a business.
2) An example cash flow statement for a fictional bakery café called The Wired Cup that is experiencing cash flow issues.
3) Suggestions for how the owner of The Wired Cup could increase sales, negotiate better payment terms with suppliers to improve cash flow, and plan for seasonal fluctuations.
The document aims to help small business owners understand the importance of cash flow management and provides tools like a cash flow statement template and glossary of terms to assess and improve a business's financial health.
This document discusses credit reporting for small businesses. It explains that credit reports contain information provided by lenders, investors and other entities to assess creditworthiness. Maintaining a positive credit report benefits businesses seeking credit. The document outlines the major credit reporting agencies, requirements and benefits of reporting directly or through an intermediary. It also discusses laws governing credit reporting like the Fair Credit Reporting Act and how personal credit impacts a business owner's ability to obtain financing.
This document is a participant guide for a training on insurance for small businesses. It covers several key types of insurance such as liability insurance, property insurance, workers' compensation insurance and unemployment insurance. It discusses why insurance is important for small businesses, noting that it can help manage risks, protect against loss of income, and some insurance is required by law. It also provides details on selecting insurance, such as considering what is and isn't covered, affordability and business growth needs.
The document is a participant guide for a financial management training. It contains information on key financial management topics like budgeting, bookkeeping, financial statements, and business financing. The balance sheet section explains that a balance sheet is a snapshot of a business's financial position at a point in time, listing assets, liabilities, and owner's equity. It provides an example balance sheet to demonstrate how assets are balanced by liabilities and owner's equity.
This document outlines a training workshop on business planning. It introduces a 4-step planning model and uses a case study of Sophia to illustrate each step. The steps are: 1) back-of-the-napkin plan, 2) resource plan, 3) business plan, and 4) action plan. Trainees are guided through exercises to apply the planning process to their own business ideas or ventures. The goal is to explain how planning can help business owners make decisions and ensure their business's health.
Here are the key steps to developing an effective time management plan:
1. Set goals. Determine your short, mid, and long-term business and personal goals. Make sure goals are specific, measurable, attainable, relevant, and time-bound (SMART).
2. Prioritize tasks. Make a list of all tasks needed to achieve your goals and prioritize them in order of importance. Group tasks into "must do," "should do," and "could do."
3. Estimate task time. Assign a realistic time estimate to complete each task based on its priority. Allow for scheduling tasks and potential interruptions.
4. Create a schedule. Block out time on a calendar for each prioritized task
This document discusses strategies for starting and growing a small business. It addresses common questions entrepreneurs have such as why start a home-based business, if they are ready, what to sell, how much to charge, and costs. The presentation provides tips for developing a business idea, including defining the problem, customer, solution, unique selling proposition, and marketing and revenue plans. Simple strategies are presented for growing the business, including using time effectively, developing marketing and cash flow plans, and ongoing learning. The overall message is that with dedication and proper planning, entrepreneurs can successfully start their own business.
This document provides guidance on risk management for small businesses. It includes:
1) An introduction to risk management and identifying internal and external risks small businesses may face. Internal risks are weaknesses within a business that can be controlled, while external risks are threats outside a business's control.
2) A section on identifying common internal risks like human risks from illness, theft, or low morale, and equipment/technology risks from outdated or damaged machinery.
3) Guidance on evaluating identified risks, measuring their potential impacts, and implementing controls to manage risks and keep the business operating smoothly.
The document aims to help small business owners understand risk management and implement plans to minimize risks' effects on their operations.
This document is a pilot's flight log from September 1-30, 2016. It lists 16 separate flights taken on various aircraft, including several Airbus A319 and A320 models. For each flight it provides details like the date, aircraft type, route, total flight time, landings, and category of flight. The log totals 58.38 hours for the period covered, and certifies the entries are true.
This document provides information on selling a small business and succession planning. It discusses determining if a business should be sold or closed and factors to consider such as reason for selling, assessing saleability, and valuation methods. It also covers the selling process including preparing for sale, finding buyers, and negotiating the deal. For succession planning, it discusses finding and training a successor and addressing tax exposure. It emphasizes starting the planning process early.
The document provides an overview of financial management for small businesses. It discusses key topics like budgeting, bookkeeping, financial statements, and business financing. The presentation aims to explain basic financial management practices and tools to help small business owners understand and improve their financial situation. It also reviews concepts like balance sheets, cash flow projections, profit and loss statements, and identifies options for obtaining startup or growth financing.
Capt. David Oswaldo León Portilla is a 32-year-old Ecuadorian captain for Tame Airlines with over 7,200 total flight hours. He has flown the Airbus 319/320 for over 5,500 hours as captain and first officer since 2008. Prior to Tame, he was a first officer for Lan Airlines and AeroGal Avianca between 2004-2008. He holds an Ecuadorian commercial pilot's license, English proficiency certification, and a Class 1 medical certificate valid through January 2017.
The 12-week program meets on Tuesday evenings starting at 6 pm. It aims to help participants identify a viable business venture, determine feasibility, develop a business plan, and prepare to secure funding. The program objectives are to create a mini business plan with goals and strategies, determine startup costs, prepare first-year financial projections, and lay the foundation to launch a small business. Workshop presentations come from the FDIC Money Smart for Small Business series and are posted online. The Urban League also offers free coaching sessions to program enrollees who are in an existing business or developing a business plan and have attended at least 3 workshops.
This document provides an introduction and workbook for a training on determining if small business ownership is the right fit. It includes:
- An introduction and case study of Marlena who is considering opening her own day spa business.
- Self-assessment worksheets to evaluate one's motivations, strengths and weaknesses across areas like people skills, sales ability, financial management, and self-discipline.
- A breakdown of different business ownership models like sole proprietorship, partnership, franchise, and how to research the best fit.
- A discussion of common myths and realities of small business ownership.
The workbook guides participants through self-reflection exercises to help clarify if they possess the necessary traits for business
This document provides an overview of banking services available for small businesses. It discusses choosing the right bank, common banking services like checking and savings accounts, additional services like loans and merchant processing, and tips for improving chances of getting a loan. The objectives are to explain small business banking services and how to evaluate options. Key advice includes separating business and personal banking, building relationships with bankers, and taking steps to protect the business from online fraud.
This document provides information about banking services available for small businesses. It discusses choosing the right bank by considering factors like customer service, accessibility, costs of services, and FDIC insurance. It describes common deposit accounts like small business and commercial checking accounts, and the importance of keeping business and personal transactions separate. It also covers services like payroll, cash management, and online banking that can help small businesses manage finances. The goal is to help small business owners identify their needs and select appropriate banking services.
This document discusses the importance of record keeping for small businesses. It identifies key records that should be kept, such as financial records, customer records, contracts, and tax records. It also reviews different record keeping tools that can be used, including paper filing systems, computer software, cloud computing, spreadsheets, and accounting programs. The document emphasizes that proper record keeping is important for business operations, planning, legal compliance, and tax purposes. It also provides tips on evaluating software needs and accessing training resources.
The document provides guidance for a training on financial management for small businesses. It outlines objectives and topics that will be covered, including benefits of financial management, budgeting, bookkeeping, cash flow, profit and loss statements, and business financing. The training aims to help participants understand core financial concepts and practices that are important for small business owners to implement effective financial management.
The document is a participant guide for a financial management training. It contains information on key financial management topics like budgeting, bookkeeping, financial statements, and business financing. The balance sheet section explains that a balance sheet is a snapshot of a business's financial position at a point in time, listing assets, liabilities, and owner's equity. It provides an example balance sheet to demonstrate how assets are equal to liabilities plus owner's equity.
This document provides an introduction to managing cash flow for small businesses. It includes:
1) An overview of key cash flow concepts like the cash conversion cycle and how cash flows in and out of a business.
2) An example cash flow statement for a fictional bakery café called The Wired Cup that is experiencing cash flow issues.
3) Suggestions for how the owner of The Wired Cup could increase sales, negotiate better payment terms with suppliers to improve cash flow, and plan for seasonal fluctuations.
The document aims to help small business owners understand the importance of cash flow management and provides tools like a cash flow statement template and glossary of terms to assess and improve a business's financial health.
This document discusses credit reporting for small businesses. It explains that credit reports contain information provided by lenders, investors and other entities to assess creditworthiness. Maintaining a positive credit report benefits businesses seeking credit. The document outlines the major credit reporting agencies, requirements and benefits of reporting directly or through an intermediary. It also discusses laws governing credit reporting like the Fair Credit Reporting Act and how personal credit impacts a business owner's ability to obtain financing.
This document is a participant guide for a training on insurance for small businesses. It covers several key types of insurance such as liability insurance, property insurance, workers' compensation insurance and unemployment insurance. It discusses why insurance is important for small businesses, noting that it can help manage risks, protect against loss of income, and some insurance is required by law. It also provides details on selecting insurance, such as considering what is and isn't covered, affordability and business growth needs.
The document is a participant guide for a financial management training. It contains information on key financial management topics like budgeting, bookkeeping, financial statements, and business financing. The balance sheet section explains that a balance sheet is a snapshot of a business's financial position at a point in time, listing assets, liabilities, and owner's equity. It provides an example balance sheet to demonstrate how assets are balanced by liabilities and owner's equity.
This document outlines a training workshop on business planning. It introduces a 4-step planning model and uses a case study of Sophia to illustrate each step. The steps are: 1) back-of-the-napkin plan, 2) resource plan, 3) business plan, and 4) action plan. Trainees are guided through exercises to apply the planning process to their own business ideas or ventures. The goal is to explain how planning can help business owners make decisions and ensure their business's health.
Here are the key steps to developing an effective time management plan:
1. Set goals. Determine your short, mid, and long-term business and personal goals. Make sure goals are specific, measurable, attainable, relevant, and time-bound (SMART).
2. Prioritize tasks. Make a list of all tasks needed to achieve your goals and prioritize them in order of importance. Group tasks into "must do," "should do," and "could do."
3. Estimate task time. Assign a realistic time estimate to complete each task based on its priority. Allow for scheduling tasks and potential interruptions.
4. Create a schedule. Block out time on a calendar for each prioritized task
This document discusses strategies for starting and growing a small business. It addresses common questions entrepreneurs have such as why start a home-based business, if they are ready, what to sell, how much to charge, and costs. The presentation provides tips for developing a business idea, including defining the problem, customer, solution, unique selling proposition, and marketing and revenue plans. Simple strategies are presented for growing the business, including using time effectively, developing marketing and cash flow plans, and ongoing learning. The overall message is that with dedication and proper planning, entrepreneurs can successfully start their own business.
This document provides guidance on risk management for small businesses. It includes:
1) An introduction to risk management and identifying internal and external risks small businesses may face. Internal risks are weaknesses within a business that can be controlled, while external risks are threats outside a business's control.
2) A section on identifying common internal risks like human risks from illness, theft, or low morale, and equipment/technology risks from outdated or damaged machinery.
3) Guidance on evaluating identified risks, measuring their potential impacts, and implementing controls to manage risks and keep the business operating smoothly.
The document aims to help small business owners understand risk management and implement plans to minimize risks' effects on their operations.
This document is a pilot's flight log from September 1-30, 2016. It lists 16 separate flights taken on various aircraft, including several Airbus A319 and A320 models. For each flight it provides details like the date, aircraft type, route, total flight time, landings, and category of flight. The log totals 58.38 hours for the period covered, and certifies the entries are true.
This document provides information on selling a small business and succession planning. It discusses determining if a business should be sold or closed and factors to consider such as reason for selling, assessing saleability, and valuation methods. It also covers the selling process including preparing for sale, finding buyers, and negotiating the deal. For succession planning, it discusses finding and training a successor and addressing tax exposure. It emphasizes starting the planning process early.
The document provides an overview of financial management for small businesses. It discusses key topics like budgeting, bookkeeping, financial statements, and business financing. The presentation aims to explain basic financial management practices and tools to help small business owners understand and improve their financial situation. It also reviews concepts like balance sheets, cash flow projections, profit and loss statements, and identifies options for obtaining startup or growth financing.
Capt. David Oswaldo León Portilla is a 32-year-old Ecuadorian captain for Tame Airlines with over 7,200 total flight hours. He has flown the Airbus 319/320 for over 5,500 hours as captain and first officer since 2008. Prior to Tame, he was a first officer for Lan Airlines and AeroGal Avianca between 2004-2008. He holds an Ecuadorian commercial pilot's license, English proficiency certification, and a Class 1 medical certificate valid through January 2017.
The 12-week program meets on Tuesday evenings starting at 6 pm. It aims to help participants identify a viable business venture, determine feasibility, develop a business plan, and prepare to secure funding. The program objectives are to create a mini business plan with goals and strategies, determine startup costs, prepare first-year financial projections, and lay the foundation to launch a small business. Workshop presentations come from the FDIC Money Smart for Small Business series and are posted online. The Urban League also offers free coaching sessions to program enrollees who are in an existing business or developing a business plan and have attended at least 3 workshops.
This document provides an introduction and workbook for a training on determining if small business ownership is the right fit. It includes:
- An introduction and case study of Marlena who is considering opening her own day spa business.
- Self-assessment worksheets to evaluate one's motivations, strengths and weaknesses across areas like people skills, sales ability, financial management, and self-discipline.
- A breakdown of different business ownership models like sole proprietorship, partnership, franchise, and how to research the best fit.
- A discussion of common myths and realities of small business ownership.
The workbook guides participants through self-reflection exercises to help clarify if they possess the necessary traits for business
This document provides an overview of banking services available for small businesses. It discusses choosing the right bank, common banking services like checking and savings accounts, additional services like loans and merchant processing, and tips for improving chances of getting a loan. The objectives are to explain small business banking services and how to evaluate options. Key advice includes separating business and personal banking, building relationships with bankers, and taking steps to protect the business from online fraud.
This document provides information about banking services available for small businesses. It discusses choosing the right bank by considering factors like customer service, accessibility, costs of services, and FDIC insurance. It describes common deposit accounts like small business and commercial checking accounts, and the importance of keeping business and personal transactions separate. It also covers services like payroll, cash management, and online banking that can help small businesses manage finances. The goal is to help small business owners identify their needs and select appropriate banking services.
This document discusses the importance of record keeping for small businesses. It identifies key records that should be kept, such as financial records, customer records, contracts, and tax records. It also reviews different record keeping tools that can be used, including paper filing systems, computer software, cloud computing, spreadsheets, and accounting programs. The document emphasizes that proper record keeping is important for business operations, planning, legal compliance, and tax purposes. It also provides tips on evaluating software needs and accessing training resources.
The document provides guidance for a training on financial management for small businesses. It outlines objectives and topics that will be covered, including benefits of financial management, budgeting, bookkeeping, cash flow, profit and loss statements, and business financing. The training aims to help participants understand core financial concepts and practices that are important for small business owners to implement effective financial management.
The document is a participant guide for a financial management training. It contains information on key financial management topics like budgeting, bookkeeping, financial statements, and business financing. The balance sheet section explains that a balance sheet is a snapshot of a business's financial position at a point in time, listing assets, liabilities, and owner's equity. It provides an example balance sheet to demonstrate how assets are equal to liabilities plus owner's equity.
Mike Zimmerman, CPA will guide you through the basics and also share information on accounting software that is easy to use for a new business. Your company’s books and financial statements represent a score sheet which tells how you are progressing, as well as an early warning system which lets you know when and why the business may be going amiss. Financial statements and the underlying records will provide the basis for many decisions made by outsiders such as banks, landlords, potential investors, and trade creditors as well as taxing authorities and other governing bodies. The necessity for good, well-organized financial records cannot be over-emphasized. One of the greatest mistakes made by owners of small businesses is not keeping good financial records and making improper or poor business decisions based on inadequate information. An accounting or bookkeeping system is like any tool used in your business; it needs to be sophisticated enough to provide the information you need to run your business and simple enough for you to run it (or supervise the bookkeeper).
For Mike Zimmerman's Bio check out: http://incuba8.com/speaker-michael-zimmerman-principal-yeo-yeo-cpas-business-consultants/
The business plan guide provides information on preparing a business plan including analyzing your business idea and yourself, the key components of a business plan, getting advice and support, and using the accompanying business plan template. The template includes sections for business details, registration details, business premises, organization chart, and management and ownership.
The document provides a manual for business owners to develop an exit or succession plan for their business, outlining six steps to create a plan including initiating discussions, assessing the business, developing an advisory team, writing the plan, implementing it, and reviewing it. It explains why planning is important to protect years of hard work, keep services in the community, build value, provide financial security, and prepare for the future. The document also includes a framework and checklist to help assess where owners are in the planning process.
The world is digital and you can use digital tools to grow your business and gain new clients. We had experts in Digital Marketing, Cybersecurity and Business Tax discussing aspects you might be missing to take your business to the next level.
Our speakers:
Accounting expert: George Potgieter - Tax Expert at SJ Consulting
Digital Marketing expert: Naledi Mashego - Founder of Cherry Republik
Cybersecurity expert: Loyiso Boyce - Founder of Clyrofor
Brand Strategist: Ben Iwisi - Marketing Manager at Unilever
ACC560 Week 10 Homework:
Chapter 14: Financial Statement Analysis
E14-11 Wiemers Corporation’s comparative balance sheets are presented below.
Honghao Lu
February 7 2016
Chapter 1- Introduction to Accounting
Question 1: How does the business maintain its financial records? Who does the accounting for the business? What accounting or record system is used?
Business Owner: Keep recording every single income and output in the company and be sure to make everything be legal. The accountant will do the accounting things. Everything would be recorded on the book and then upload into the computer data.
Business Owner answer converted to text-book language: The collection, processing and reporting of data used to make business decisions are critical. Both internal and external users use the accounting information, analysis completed and reports generated. They would use the managerial accounting, income statement, balance sheet, owners equity, cash flow statements, and
Recommendation: Make sure to record every data by some modern technology such as computers and do not only let the accountants do the accounting for you, but also let everyone who engaged into your business understands some concepts of accounting to make some correct business decisions.
Question 2: Who periodically review and analyzes the accounting records? What reports are generated? How are they used to manage the business?
Business Owner: Managers and the superiors will periodically review and analyzes the accounting records. Those reports include all the income and output that has been used in the past time. They are used to record everything and make sure everything be legal.
Business Owner answer converted to text-book language: The internal users include managers, officers, internal auditors, sales staff, budget officers, controllers and employees would periodically review and analyzes the accounting records. The businesses assets, liabilities and owners equity as the last day of an accounting period are generated. They are used to produce the various business analysis and make business decisions.
Recommendation: Everyone in the company should know some knowledge to face some emergency situations. Especially for managers and officers, they should review and analyzes the records every month or even every week because the accounting reports periodically record the profit and deficit that the company made. Those are really important for the owners to control the company’s economy.
Question 3: How well do you understand the financial reports generated by your accounting system? How well do you utilize the information to make business decisions?
Business Owner: I understand that the financial reports clearly record my company’s profit they made in the past. The information that I have will lead me to think more about its back meaning so that I can make decisions.
Business Owner answer converted to text-book language: Accounting is an informative system that.
The document discusses the importance of record keeping for small businesses. It covers the basics of establishing an effective record keeping system, including which records to keep for tracking business deals, planning, legal compliance, and tax preparation. It also discusses best practices for organizing records, tools that can be used, software options, and the importance of training for any software selected. Record keeping is presented as an essential practice for all small business owners to properly manage their business operations and meet legal requirements.
The document provides guidance on setting up an effective Management Information System (MIS) for a manufacturing organization. It discusses establishing procedures for production, sales, material control, accounting records, personnel management and other operational areas. Formats are provided for collecting key information on production, sales, inventory, purchasing and other metrics needed for management reporting and decision making. The goal is to facilitate coordination across departments, control costs, maximize profits and ensure a smooth flow of information.
This document provides an overview of credit reporting for small businesses. It discusses how credit reports contain information from various sources about a business's creditworthiness and payment history. The report can impact a business's ability to get credit or favorable terms from suppliers. It also notes that businesses may obtain credit reports on customers or vendors to assess risk and set appropriate credit terms. Key reporting agencies and laws governing credit reporting, like the Fair Credit Reporting Act, are also outlined. The document serves as a guide to help small businesses understand credit reporting and how to build or maintain a positive business credit history.
11 Practical Tips for Accounting & Bookkeeping for Small BusinessElevar Accounting
Leveraging professional business bookkeeping services to categorize your transactions will help you know how much money each category adds to your income or costs at the end of a specific period.
The document discusses various strategies for law firms to improve their financial health and profitability, including:
1) Developing a strategic plan with a clear vision and consensus among partners, with steps for execution, follow up, and evaluation.
2) Investing in practice management software to automate time tracking, billing, and accounting.
3) Setting clear fees and billing policies, tracking costs and margins, and following up on overdue accounts.
4) Monitoring key financial metrics like profit/loss, budgets, realization rates, and compensation systems.
5) Considering alternative billing methods like flat fees, contingency agreements, and incentive-based systems to better align lawyer and client interests.
Many business owners see accounting as a necessary evil. It is usually viewed as a difficult, time-consuming process that offers little benefit to the company. But this is not the case! Well-optimized accounting procedures can help you save time and money while also giving you important financial information about your business.
Why Bookkeeping and Finance Matters in a Small Business?Cogneesol
The essence of bookkeeping and finance in a business! Learn why you need to maintain accurate financial records, along with their associated benefits. Gain valuable insights now!
What were the last job’s earnings for your small business? How much did you spend on your recent business upgrade? If you seek to keep accurate financial records, you must know the significance of bookkeeping.
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Business plan-startup-pet-care-business-05252011clearh20brooke
This document provides a template and guidance for creating a business plan for a startup pet care business. It outlines various sections to include such as executive summary, company description, products/services, marketing plan, operational plan, management team, startup expenses/capitalization, and financial plan. The template emphasizes the importance of researching the market and competitors to develop effective marketing strategies and realistic financial projections. It also notes that the process of researching and planning is most valuable for avoiding costly mistakes later on.
Internal controls are methods and procedures put in place by businesses to safeguard assets, ensure accurate financial reporting, and help the business achieve its objectives. They help filter activities to prevent and detect fraud and errors, encourage good management through timely performance information, and reduce risks. Having proper internal controls protects a business's resources and allows issues to be addressed when they occur.
This document provides guidance on starting a new business in Missouri. It outlines the basic requirements and considerations for establishing a business, including developing a business plan, choosing a legal structure, registering the business, obtaining licenses and permits, tax obligations, hiring employees, and financing options. The four main sections are: the basics of starting a business; developing a business plan; legal formation as a sole proprietorship, partnership, LLC, or corporation; and ongoing requirements like taxes, hiring, and financing. Resources for assistance are provided.
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of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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Table of Contents
Welcome.................................................................................................................................................................................3
What Do You Know? Record Keeping for a Small Business............................................................................................4
Pre-Test..................................................................................................................................................................................5
Keep Good Records ..............................................................................................................................................................6
Legal Compliance..................................................................................................................................................................7
Discussion Point #1: Business Record Keeping..................................................................................................................8
Record Retention ..................................................................................................................................................................1
Common Record Keeping Tools..........................................................................................................................................9
Business Software................................................................................................................................................................11
Three Common Business Software Options .....................................................................................................................12
Discussion Point #2: Your Accounting System.................................................................................................................13
Business Software Training................................................................................................................................................13
Top Three Key Points to Remember.................................................................................................................................15
For Further Information....................................................................................................................................................16
Post-Test...............................................................................................................................................................................17
Evaluation Form .................................................................................................................................................................18
DISCLAIMER
These training materials are intended as general guidance only and may or may not apply to a particular situation
based on the circumstances. The materials do not create any legal rights or impose any legally binding requirements
or obligations on the Federal Deposit Insurance Corporation (FDIC) and U.S. Small Business Administration (SBA).
The FDIC and SBA make no claims or guarantees regarding the accuracy or timeliness of this information and
material.
The content of this training material is not designed or intended to provide authoritative financial, accounting,
investment, legal or other professional advice which may be reasonably relied on by its readers. If expert assistance
in any of these areas is required, the services of a qualified professional should be sought.
Reference to any specific commercial product, process, or service by trade name, trademark, manufacture, or
otherwise does not constitute an endorsement, a recommendation, or a preference by the FDIC and SBA or the
United States government.
Revision Date: 09-2011
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Welcome
Welcome to the Record Keeping for a Small Business training. By taking this training, you are taking an important step
toward building a better business. This guide accompanies the Record Keeping for a Small Business PowerPoint
Presentation.
Objectives
After completing this training, you will be able to:
• Explain the concept of record keeping and why record keeping is important to a small business.
• Identify record keeping practices, rules, and tools which are commonly available to a small business.
• Explain how these record keeping practices, rules, and tools work.
• Identify benefits a small business derives from proper record keeping.
• Explain record keeping basics for a small business.
• Identify software products available for small business record keeping.
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What Do You Know?
Record Keeping for a Small Business
Instructor: _____________________________________________________ Date: ____________________
This form will allow you and your instructors to see what you know about record keeping, both before and after the
training. Please read each statement below. Circle the number that shows how much you agree with each statement.
Before Training After Training
StronglyDisagree
Disagree
Agree
StronglyAgree
StronglyDisagree
Disagree
Agree
StronglyAgree
1. I can explain the concept of record keeping and why
record keeping is important to a small business.
1 2 3 4 1 2 3 4
2. I can identify record keeping practices, rules, and tools
which are commonly available to a small business.
1 2 3 4 1 2 3 4
3. I can explain how record keeping practices, rules, and
tools work.
1 2 3 4 1 2 3 4
4. I can identify benefits a small business derives from
proper record keeping.
1 2 3 4 1 2 3 4
5. I can explain record keeping basics for a small business. 1 2 3 4 1 2 3 4
6. I can identify software products available for small
business record keeping.
1 2 3 4 1 2 3 4
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Pre-Test
Test your knowledge of record keeping before going through the training.
1. Which of the following are reasons for keeping good records? Select all that apply.
a. Business detail tracking
b. Planning
c. Legal compliance
d. Tax preparation
2. When creating a record keeping system, it’s a good idea to _________________________.
a. Wait until enough information is available to get started.
b. Start simple and refine later.
c. Get a sophisticated system to anticipate future needs.
d. Start after one year of operations.
3. Which of the following should be done before purchasing business software?
a. Create an information technology (IT) department
b. Get a business credit card
c. Evaluate your business needs
d. Consult with the Internal Revenue Service (IRS)
4. Which of the following are record keeping tools?
a. Manila folder
b. Computer system
c. File hosting system
d. None of the above
e. All of the above
5. For which type of small business is record keeping a good practice?
a. Sole proprietor
b. Partnership
c. Corporation
d. None of the above
e. All of the above
6. Record keeping is the orderly and ____________________ practice of storing business records.
a. Corporate
b. Legal
c. Financial
d. Disciplined
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Keep Good Records
The term “record keeping” refers to the orderly and disciplined practice of storing business records. Record keeping is one
of your most important responsibilities as a small business owner. The success of your business depends on creating
and maintaining an effective record system, whether your business is a sole proprietorship, partnership, or corporation.
Record keeping ranges from simple manila folder filing systems to complex on-line electronic systems. Whether simple or
complex, a record keeping system must be easy to use and provide adequate storage and retrieval of records. Most
importantly, the record keeping system you choose must be suited to your particular business needs. The type, size, and
complexity of your business, as well as your business’ available resources, will help to determine the record keeping
system best suited to you and your business.
For more information on record keeping go to the web site www.sba.gov and search for recordkeeping.
Reasons for Keeping Good Records
Record keeping is not solely about fulfilling regulations or legal requirements. Record keeping is also about understanding
your business, now and in the future. Reasons why you should keep good records include:
• Detail Tracking
• Planning
• Legal compliance
• Tax preparation (federal, state, and local)
Let’s go through each of these reasons in further detail.
Detail Tracking
Owning a small business will require you to track a significant amount of information, such as customers, sales, and
inventory. Without a proper record keeping system, you may lose sight of important business details, leading to problems
with serving your customers. If you do not know details about your customers, such as who your customers are and what
your customers like, your business may not be able to meet buyer demands. You risk disappointing a customer, maybe
losing that customer forever. Staying informed of customers, their orders, and the inventory to provide for their purchases
is challenging. Without a proper record keeping system, tracking important details of your business may be impossible.
Planning
Proper record keeping helps to plan your business’ future. How does a business owner who fails to track his customers
determine inventory needs for the next quarter, year, or longer? For example, what if you own a clothing store? Clothing
store owners must anticipate the need for inventory throughout the year, due to seasonal cycles. By knowing if and when
Personal Record Keeping
As a business owner, you should also establish a record keeping system for your personal information. For example,
when applying for a business loan, a lender may want to consider your personal records, such as financial statements
for your personal checking accounts, savings accounts, and other personal accounts tied to your business.
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inventory will be needed, you can anticipate the need to finance inventory. You also can avoid carrying too little or too
much inventory, such as extra swimsuits into the fall season.
Legal Compliance
As an owner, you will likely execute contracts and be required to hold various licenses and permits. As an employer, you
will be required to maintain and report employee payroll for tax purposes. These three categories of legal compliance are
discussed in further detail a little later:
• Contracts, leases, and other agreements (such as copyrights)
• Licenses, insurance, and permits
• Payroll and personnel
Tax (Federal, State, and Local) Preparation
A well maintained record keeping system ensures that you are able to keep up with tax reporting requirements. For
example, if you are an individual small business owner or contractor, then you are generally considered self-employed.
Self-employed owners file a personal income tax return annually and pay estimated tax quarterly.
Legal Compliance
As described above, you may be legally required to keep some records. Here is more information on legal compliance.
Contracts, Leases, and Other Agreements
Having a good system for maintaining contracts is critical. Most business owners sign contracts for services, sales,
financing, leasing, or purchasing, to name a few contract types. You may need to refer back to a contractual obligation.
You may also need to refer to activities in contracts as the activities are executed. For your own protection, keep track of
contractual obligations by always maintaining originally signed copies of all legally executed contracts.
Licenses and Permits
Local, state, federal, and international governments require various business licenses and permits. Some business
activities require a license or permit. Licensing and permitting examples include:
• City business license
• Doing business as (DBA) statement
• Seller’s permit
• Home occupation use permit
• Food preparation permit
Professions such as an accountant, an architect, or a building contractor require state licensure. Be sure to check with
government agencies and professional associations that govern your line of work.
Once you have the required licenses and permits for your business, you may be required to show these licenses and
permits from time to time. Contractors may be required to show proof of insurance. Establish your business with a good
system for maintaining and regularly renewing licensing and permitting documents to protect the business from penalties,
fines or other legal action.
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Payroll and Personnel
If you hire employees, your record keeping capacity needs to be advanced enough to comply with numerous local, state,
and federal payroll and personnel legal requirements. Depending on the number of employees you hire, your business may
require a payroll service. Otherwise, if your record keeping and accounting capacity is still developing, consider hiring
independent contractors or hiring through an employment agency. Here is a brief list of some of the payroll and personnel
legal information your business will be required to track:
• Hiring and evaluation documentation
• Basis on which wages are paid
• Social Security Numbers
• Total hours worked
• Additions to or deductions from wages
• Total wages paid each pay period
• Income tax withholdings
• Fair Labor Standards Act required information
• Injury reports
• Employment Records
• Copy of annual performance evaluations
Again, payroll and personnel record keeping requirements can be extensive. If you are a new employer, hire a professional
payroll service, talk to your accountant and read online at www.irs.gov. Search for “Publication 15” and go to the link for
“Circular E, Employer's Tax Guide”.
Discussion Point #1: Business Record Keeping
Discuss your business record keeping practices.
What records do you need to keep? Why? What area of record keeping needs
your attention?
__________________________________________________________________________________________________
__________________________________________________________________________________________________
__________________________________________________________________________________________________
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Sample Record Retention Schedule
(Subject to business-specific requirements)
Accounting and Fiscal
Invoices and receivables................5 years
Checks and payables .....................5 years
Auditors reports ............................permanently
Annual statements ........................permanently
Inventory .......................................4 years
Personnel
Payroll ...........................................6 years
Contracts .......................................4-5 years
Personnel files ...............................3 years
Insurance records...........................5 years
Timecards......................................2 years
Retirement plans ...........................permanently
Business and Corporate
Contracts .......................................7 years
Copyrights ....................................permanently
Correspondence.............................3 years
Leases............................................6 years
Property records ...........................permanently
Customer records...........................business
specific
Sales records..................................business
specific
Licenses.........................................as required
Permits...........................................as required
Insurance policy ............................as required
Taxation
Tax returns ...................................permanently
Employee withholding ..................7 years
Tax bills and statements ...............permanently
1099 form for contractor or
nonemployee compensation.......permanently
If there is pending or threatened litigation involving your
business, discuss with your attorney the need to preserve
business records for litigation purposes.
Record Retention
Not only should small business owners keep good records,
but owners should also know which of those records to
retain and for how long. Record retention is the practice of
keeping business and personal records over time.
Good record retention is in the best interest of companies.
A poor system of retention will prevent managers from
retrieving information needed to make sound business
decisions. A poor record keeping retention system also
poses a security risk.
The table to the right shows 1) a sample of records to keep
and 2) for how many years. The Internal Revenue Service
(IRS) determines some record retention guidelines. Other
retention requirements are legal in nature, such as what
may be required by contract with those you do business
with. Expert recommendations vary. Also, retention
schedules vary by region. For example, a state may have a
different statute of limitation for legal liability (law suits).
Check with your attorney for legal requirements. Check
with your accountant for financial-related requirements.
Common Record Keeping
Tools
Start your business with a simple record keeping system.
As your business grows, expand your record keeping
system to accommodate more records and increasing
complexity.
Paper-Based
Sometimes, the simplest system is the best, especially
when first starting out. For example, consider the paper-
based tools described here.
File Folder
A file folder holds loose papers together for organization and protection. File folders can easily be purchased at office
supply stores. Label file folders based on what is inside by writing directly on the tabs or by writing on adhesive labels
that are placed on the tabs.
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Hanging Folder
Use hanging folders to group several file folders together. For example, a hanging folder might be labeled “Clients” to
contain a number of individual client folders.
Cabinet Storage
Hanging folders are often stored in a filing cabinet. Lock the cabinet when not in use.
Accordion Folder
An accordion folder opens like an accordion on top to reveal compartments for storing documents. Each compartment can
be labeled. Accordion files are designed to store documents without a filing cabinet, in a closet or on a shelf.
“Tickler” System
Many business owners use a method sometimes called a “tickler” system for remembering upcoming events, such as:
• Quarterly taxes
• License renewals
• Insurance reviews and renewals
• Upcoming bills
• Call-backs
Computer Systems
While most businesses will need to maintain some form of paper-based record keeping, computer-based systems are
becoming the norm. Implement computer-based systems over time as you become more comfortable with computer
record keeping. With computer systems, your records will take less space and can be transmitted over the Internet. Many
businesses and government agencies will allow you to purchase goods, apply for licenses and pay fees over the internet.
Remember, back up computer system records to separate hard drives daily, at a remote location if possible.
Cloud Computing
As an alternate or to supplement paper-based and computer systems, one more option is becoming increasingly available:
cloud computing. You use cloud computing to store, manage, and process data on the internet, rather than using a local
personal computer. The advantages of cloud computing are that 1) you don’t need to install software upgrades; 2) you are
less likely to lose your data because of computer crashes; and 3) you can access your information (such as financial
information) from any location that has access to the internet.
The more comfortable you are with computers, software, and the internet, the more you should explore cloud computing
for your business record keeping. The following sections describe two examples of services provided by cloud computing,
accounting and file hosting.
Cloud Computing Accounting
Some accounting software companies offer their product with online accounting options. Instead of buying software
which runs on your computer, you pay a monthly fee to use an accounting service on the internet. The software processing
and financial data storage, both of which reside on the accounting company’s server, are provided over the internet.
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Cloud Computing File Hosting
If you use computer files in your business, you can store and share those files with colleagues and clients using an internet
file hosting service. The files can be made accessible from any location with access to the internet, by multiple people.
You can use file hosting to archive large amounts of data. Both free and fee-based hosting services are available.
Business Software
Regardless of whether you use a computer system, cloud-based computing, or a combination of the two, you will need to
think about business software to help keep your records. When choosing software, it is a good idea to determine your
particular business needs. Businesses can be retail or wholesale, service or product-based, a one-person operation or a
large establishment, housed in a commercial space or based at home. Do your research to make sure you buy software that
matches your business type and size. Also, consider factors such as these when deciding what software will work for your
business:
• Point of sale system integration
• Inventory tracking
• Online options
• Manufacturing-based options
• E-commerce-based options
• Industry specialization
• Multiple users
Your business software choices will probably fall into the following categories, which are discussed below:
• Inventory
• Online sales
• Manufacturing
• Specialized
Inventory
Businesses with inventory requirements use software programs that will track inventory purchases and sales. Most
accounting programs have inventory tracking features. Study the inventory capacity of the software you are considering to
see if the capacity will meet your needs now and in the future.
Online Sales
Many businesses sell products online, using either an internet site like eBay or a dedicated business web site. Some
accounting programs can access a business’ online sales information. Be sure to investigate if the software you are
considering will work with your system for online sales.
Manufacturing
If you manufacture a product, investigate the inventory features of your business accounting software to see if the
software will work with your manufacturing processes.
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Specialized
Some businesses have unique needs. For these cases, a business may require industry-specific software. Software in this
category usually has much more capacity and can be customized to fit a business’ unique situation. Due to this
customization, specialized software tends to cost considerably more and require specialized training.
Three Common Business Software Options
The three most common business software options are email, spreadsheets, and accounting software. You probably are
already familiar with using email. Spreadsheets can be used for client information, inventory, timesheets, scheduling,
budgeting, and more. Accounting software manages financial information. Each of these software programs is described
in more detail below.
Email
Email has become a significant means of doing business, more common than regular mail in many cases. Most business
owners communicate with clients, employees, suppliers, vendors, and independent contractors using email. Keeping a
good filing system for your email communication is as important as keeping a good paper-based system. Most email
services allow you to create files, just as you would for paper systems, for keeping your email.
You can manage email on your local computer hard drive. However, many email services provide a webmail client as part
of their internet service package. As with any web application, the main advantage of webmail over the use of a desktop
email client is the ability to send and receive email wherever there is a web browser. The main disadvantage of webmail is
the need to be connected to the internet while using it.
Spreadsheets
Spreadsheet software is commonly used in business to track information about clients, inventory, sales, employee time
sheets, and much more. A spreadsheet is a computer application that simulates a paper accounting worksheet. The
spreadsheet displays multiple cells in a two-dimensional grid, consisting of rows and columns. Each cell contains text,
numbers or formulas. Spreadsheets are frequently used for projections or for financial “what-if” scenarios because a
spreadsheet will re-calculate automatically after a change to a single cell. Any basic spreadsheet software will work for
most basic business uses.
Accounting Software
If you are starting your first business, you will quickly find out how important accounting software is to the success of the
business. Accounting software keeps track of business financial records such as sales, expenses, inventory, and assets. The
software delivers many advantages over manual systems, helping you to execute, manage, and track your critical financial
transactions and related financial activities. Accounting software duplicates the functions of a manual system, but reduces
human errors. Financial numbers are accurate because most calculations are done automatically, eliminating errors such as
the transposition of numbers or other human mistakes. Also, accounting software speeds up calculation processes.
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Small business accounting software will help to systematically organize your financial information, in a way that is easy
to access. For example, if you want to know if a certain bill was paid, an accounting system should be able to tell you not
only when the bill was paid, but the check number, and other details, such as details you may have recorded about the
vendor. If you lose an invoice or a bill, information for sending duplicate invoices or bills can be found in the program.
Accounting software can be very affordable and a great value. Costs for training should be considered, but these costs are
usually affordable for the small business owner. If you are hesitant to get new software because your computer is old and
unreliable, consider using online versions of the software. Do not forget how much you will save in tax preparation every
year once your information is all organized, not in manually-entered notebooks or in shoe boxes.
Generally as you buy more sophisticated (and expensive) accounting software you are buying more:
• Memory volume
• Inventory sophistication
• Mobile functions
• Industry-specific reports
Discussion Point #2: Your Accounting System
Take some time to think about your accounting system.
How might your accounting system be improved?
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Business Software Training
When you choose to use business software be sure to get trained in its use. You want to make sure that you can use all its
capabilities. Training will make you more efficient and more effective in the use of the software, both of which will save
you time and money. Take advantage of the options available for training such as tutorials, free trials, or online training.
Here are some ideas for learning how to use accounting software.
Tutorials and Free Trials
Most, if not all accounting software programs offer tutorials and free trials to help you learn and sample the program. If
you visit the web site of any reputable software programs, you will probably see a tour of the software or an offer for a
free download trial version. When you download trial software, the program will have a tutorial built into the program that
will describe the software features, show you how to set up your company, and how to do basic functions.
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Online Software Training and Webinars
Many web sites offer software training and webinars. Use an online search engine. Type the name of a software product
along with words like “tutorial” or “training.” Sample a few training options to see if any of the training programs work
for you. Some training options are free, others charge a fee. Some training options are self-directed, while other training
options are run by a teacher in an online classroom setting where you can ask questions and listen to student discussions.
YouTube
YouTube is a video-sharing web site (www.youtube.com) where users can upload, share, and view videos. YouTube
offers many different recordings of accounting software training. All of these training videos are free. You can search for
a trainer that appeals to you. In some cases, trainers will offer a few free videos on YouTube, but then charge a fee for a
full training course on their web site.
Community Colleges
Many community colleges provide business and computer courses. You can learn how to use a computer software
program, take an entrepreneurship course or learn accounting. Some community colleges offer short-term courses geared
to business owners. Other colleges offer courses designed for those seeking a certificate or an associate degree. You can
find a community college near you at: www.aacc.nche.edu/Pages/CCFinder.aspx. Community colleges list their course
offering on their web sites. You can also call registration or their counseling departments to get more information on
course offerings and enrollment.
SCORE
This SBA Resource Partner provides volunteer counseling to small business owners, including one-on-one counseling.
SCORE also provides workshops and seminars in your area as well as at national events. The SCORE web site,
www.score.org, has several workshops online.
Small Business Development Centers (SBDC)
This SBA Resource Partner is comprised of a network of centers throughout the U.S. The SBDCs provide a variety of
business training, coaching, and counseling services. SBDC services also include assisting small businesses with
financial, marketing, production, organization, engineering, and technical problems. The SBDCs also provides feasibility
studies. All services given at SBDCs are free and confidential. Additional low cost training options are available. You can
find an SBDC near you at their association web site: www.asbdc-us.org.
Women’s Business Centers
A list of this SBA Resource Partner’s centers can be found at the web site: www.sba.gov/content/womens-business-
centers. The mission of these centers is to “level the playing field” for women business owners. Approximately 100
education centers have been set up for women entrepreneurs. To locate a business center go to the SBA Office of
Women’s Business Ownership.
Veterans Business Outreach Centers (SBDCs)
A list of this SBA Resource Partner’s centers can be found at the web site: www.sba.gov/content/veterans-business-
outreach-centers. These centers, formed by cooperative agreement between 16 organizations, provide business training,
mentoring, and other services to veterans who currently own a small business or wish to start one.
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US Export Assistance Centers (USEACs)
Find a list of this SBA Resource Partner’s centers at the web site: www.sba.gov/content/us-export-assistance-centers. The
mission of these centers is to provide assistance to small businesses which are looking to export products overseas.
Accountants
Most business owners need to meet with an accountant from time to time. Meet with an accountant to not only learn about
tax requirements for your business, but to get advice about setting up your accounting system properly. Accountants and
their bookkeeping staff can train you on how to use the software program you have chosen for your business. Many
accountants offer bookkeeping services for a monthly fee or you can simply pay for year-end tax preparation services.
Bookkeepers and Consultants
Private consultants and bookkeepers are available to help you set up your bookkeeping system and train you on how to
maintain your system. Get recommendations for bookkeepers by talking to successful businesses or an accountant.
Top Three Key Points to Remember
1. As a small business owner you will need to track a significant amount of information. No matter the type, size, or
complexity of your business, establish, and maintain a proper record keeping system that is suited to your particular
business needs.
2. Regardless of whether you use a computer system, cloud-based computing or a combination of these two, you will
need to think about business software. There are many software products to help you keep records for your business.
The most common uses of software products are for email, spreadsheets, and accounting.
3. Pick one record keeping system or use a combination—but start now.
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For Further Information
Federal Deposit Insurance Corporation (FDIC)
www.fdic.gov
The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U.S. financial
system by insuring deposits in banks and thrift institutions for at least $250,000; by identifying, monitoring and
addressing risks to the deposit insurance funds; and by limiting the effect on the economy and the financial system
when a bank or thrift institution fails.
The FDIC encourages bank lending to creditworthy small businesses. The FDIC also encourages small businesses
that may have an inquiry or concern about the availability of credit to contact the FDIC Small Business Hotline at
1-855-FDIC-BIZ or www.fdic.gov/smallbusiness. Another FDIC web site, www.fdic.gov/buying/goods, provides
resources to assist small businesses that may want to do business with the FDIC.
U.S. Small Business Administration (SBA)
www.sba.gov
SBA Answer Desk: 1-800-827-5722
The U.S. Small Business Administration (SBA) web site provides resources, answers to frequently asked questions
and other significant information for small business owners.
U.S. Financial Literacy and Education Commission
www.mymoney.gov
1-888-My-Money (696-6639)
MyMoney.gov is the federal government's one-stop web site that provides financial education resources from more
20 federal agencies.
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Post-Test
Now that you’ve gone through the training, see what you’ve learned.
1. It’s important to establish and ____________________ your record keeping system.
a. Justify
b. Certify
c. Maintain
d. Discuss
2. Besides being legally required for some information, there are additional reasons for keeping good records.
a. True
a. False
3. How would you characterize a simple paper file folder as a record keeping tool?
a. Simple but worthless, particularly for a start-up business
b. Good, but a computer system is better in all cases, as long as it’s affordable
c. Good, but it’s better to start the practice of record keeping with cloud computing
d. Simple but fine for a start-up business
4. Which of the following are factors to consider when purchasing accounting software? Select all that apply.
a. Reduced errors
b. Better organization
c. Faster calculations
d. None of the above
5. Generally, it’s best to keep all records for exactly 8 years.
a. True
b. False
6. A(n) ____________________ is commonly used to track information about clients such as inventory, sales,
and employee timesheets.
a. Email program
b. Spreadsheet
c. File hosting system
d. Payroll system
7. For a new business, what timeframe is appropriate for starting a record keeping system?
a. Now (or as soon as possible)
b. Within two quarters of start-up
c. Within the first year
d. Before the first tax filing is due
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Evaluation Form
Your feedback is important. Please fill out this evaluation of the Record Keeping for Small Business training.
Training Rating
1. Overall, I felt the module was (check one):
[ ] Excellent
[ ] Very Good
[ ] Good
[ ] Fair
[ ] Poor
Please indicate the degree to which you agree by circling a number.
StronglyDisagree
Disagree
Neutral
Agree
StronglyAgree
2. I achieved the training objectives. 1 2 3 4 5
3. The instructions were clear and easy to follow. 1 2 3 4 5
4. The PowerPoint slides were clear. 1 2 3 4 5
5. The PowerPoint slides enhanced my learning. 1 2 3 4 5
6. The time allocation was correct for this training. 1 2 3 4 5
7. The instructor was knowledgeable and well-prepared. 1 2 3 4 5
8. The participants had ample opportunity to exchange experiences and ideas. 1 2 3 4 5
Please indicate the degree of knowledge/skill by circling a number. None Advanced
9. My knowledge/skill level of the subject matter before taking the training. 1 2 3 4 5
10. My knowledge/skill level of the subject matter upon completion of the training. 1 2 3 4 5
Instructor Rating
11. Instructor Name:
Please use the response scale to rate your instructor by circling a number.
Poor
Fair
Good
Very
Good
Excellent
12. Made the subject understandable. 1 2 3 4 5
13. Encouraged questions. 1 2 3 4 5
14. Provided technical knowledge. 1 2 3 4 5
15. What was the most useful part of the training?
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16. What was the least useful part of the training and how could it be improved?
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