When starting a new business there are so many new things you have to sort out and it can be hard to do it all within the limited time you have available. Accounting is often seen as one of the less interesting aspects to handle – yet it is very critical in ensuring compliancy.
But don’t dispair, initially it will be enough if you have a proper filing system to keep track of all you economical activities – then the “real” accounting can always follow later.
In this help video Michael of Uhasibu gives you some solid tips on how to get started filing your financial documentation. If you follow these simple steps from the start then it will save you a lot of trouble and costs in the long run.
You owe it to yourself to file effectively, however boring filling may seem. Imagine how impressive it would be if – when asked – you’d always smile, access a well-organized filing system, immediately find the document, and quickly give the answer!
More Filling Tips
1) Follow a consistent method of filling – For instance, file your receipts as they come (do not pile them in a paper-bag) indicating the date and amount spent. For each entry.
2) Store related documents together, whatever their type – For example, store all your expenses in one file, administration documentation and so on. This way, it’s much quicker to find documents of a particular type.
3) Label your files in a consistent method – For example, have all your files well labelled in order to have easier searches.
4) Avoid overfilling folders – If you have a large number of paper work in one file break them into smaller groups. For instance, you can divide a file called “Expenses” into sub-files called “EXP2011,” “EXP2012,” etc. The idea is to place paper work into a logical file or sub-files, rather than have one huge file.