Running a small business as a sole-prop or small partnership can carry a lot of responsibility. From management, production to day to day operations. Some sole-props wear multiple hats in the beginning of a business in order to sustain costs. In the meantime the paperwork can pile up fast.
Regularly recording sales and expenses is a key factor in the success of a business. I suggest posting daily or at the very least weekly, depending on the size of the business, and reconcile bank and credit card statements every month!
Maintaining timely record keeping gives you a footprint of exactly where your company is financially. This information helps you make educated decisions for purchasing, growth, and production.
I owned and operated a small business for seven years. Every Monday morning we took 10 minutes to take a quick look at the income from the previous week and the expenses coming due. This snap shot gave us good insight as to the sales we needed for the coming week and how we were staying withing the budget.
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