Why is it that we only realize the value of organization when it's already crunch time and we have no idea where we kept some document necessary to the renewal of our business license? Believe me, it would be easier if you work out some organizational structure and processes to your business right now.
First order of business is to purchase a storage cabinet for your files, as well as hanging folders to file the documents in order. It would also be a good idea to order and stock lots of manila folders for in your office, this way you can easily separate and label the different files and documents that you will be handling.
With regards to your financial papers, we advise that you segregate them by type and then arrange them chronologically. Find a space wide enough so you can sort your papers into separate stacks. To make it easy to find any document you may need, create different folders for, bank statements, bill stubs, receipts, real estate papers, insurance policies and statements, credit card information, paycheck stubs, tax information, investment papers loan agreements and any other document you might have. Further divide your tax information by year. This should contain tax returns, copies of W-2s, receipts, 10099s and other documents pertaining to your tax. Divide the bill stubs by the companies they represent and divide real estate papers by mortgage documents, home improvement receipts, second mortgages and so forth.
It would be better if you get a safety deposit box for the more important papers, there you should store the list of your credit account numbers, insurance policies, powers of attorneys, real estate warranty deeds and other document you deem important to the life of your business.
Make sure to keep on top of your inbox, especially your bills that need to be paid. Put them in a separate place where they are easily seen and handy.
A time will come when you have to remove old documents from your filing cabinet, remember to keep tax documents for at least seven years and allow three years before throwing other financial papers.
To further enhance your system, install a financial planning software; don't be alarmed, there are programs that are quite user-friendly. There are even some which offer online banking functions. If you're going to employ this, we suggest that you regularly create an updated back up for all your data.
If you make a commitment to keep on top of your filing and organization system continually, you'll benefit when the time comes to locate those important documents necessary for your continued success. Neglecting to do so may have some very disastrous result for your business, something you might really come to regret.
First order of business is to purchase a storage cabinet for your files, as well as hanging folders to file the documents in order. It would also be a good idea to order and stock lots of manila folders for in your office, this way you can easily separate and label the different files and documents that you will be handling.
With regards to your financial papers, we advise that you segregate them by type and then arrange them chronologically. Find a space wide enough so you can sort your papers into separate stacks. To make it easy to find any document you may need, create different folders for, bank statements, bill stubs, receipts, real estate papers, insurance policies and statements, credit card information, paycheck stubs, tax information, investment papers loan agreements and any other document you might have. Further divide your tax information by year. This should contain tax returns, copies of W-2s, receipts, 10099s and other documents pertaining to your tax. Divide the bill stubs by the companies they represent and divide real estate papers by mortgage documents, home improvement receipts, second mortgages and so forth.
It would be better if you get a safety deposit box for the more important papers, there you should store the list of your credit account numbers, insurance policies, powers of attorneys, real estate warranty deeds and other document you deem important to the life of your business.
Make sure to keep on top of your inbox, especially your bills that need to be paid. Put them in a separate place where they are easily seen and handy.
A time will come when you have to remove old documents from your filing cabinet, remember to keep tax documents for at least seven years and allow three years before throwing other financial papers.
To further enhance your system, install a financial planning software; don't be alarmed, there are programs that are quite user-friendly. There are even some which offer online banking functions. If you're going to employ this, we suggest that you regularly create an updated back up for all your data.
If you make a commitment to keep on top of your filing and organization system continually, you'll benefit when the time comes to locate those important documents necessary for your continued success. Neglecting to do so may have some very disastrous result for your business, something you might really come to regret.
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