Record Keeping

Many small businesses seem to have the potential for success. The owner-managers are good crafts people and offer services which attract customers. However, because of poor financial management, some small businesses fail. In some cases, poor results are caused by inadequate financial records or the owner-manager lacks the ability or experience to use the records appropriately. If you do not have the knowledge or experience of good business record keeping, the services of a public accountant will prove helpful. Below is a list of items that should be considered when looking at the record keeping aspect of your new business.

1. Open a separate business checking account
   
2. Recommended to open separate account for payroll deposits
   

Record Keeping can be accomplished by numerous methods

1. General Ledger
   
2. DOME Book
   
3. Spreadsheet
   
4. Computer Software
   
5. Bookkeeping service

Areas to consider when choosing a method

1. Who will be doing your accounting and taxes
   
2. Cost
   
3. Knowledge of Method
   
4. Needs of the Business

Information on this page was obtained from:

STARTING UP YOUR OWN BUSINESS. Produced by the U. S. Small Business Administration and compiled by Dr. G. Howard Poteet.

and information from Small Business Development Center - M. Shannon Campbell, Senior Consultant.

Small Business Home Page