Asemelash Teka Business concept:
Starting A Small Business: Conclusion Creating and maintaining thorough business records is essential. For the most part, you can choose any record keeping system that works for you.
However, laws require and best practices suggest specific methods of record keeping and lengths of time to keep different types of records.
Which specific regulations and practices apply to you will depend on your line of business. Also, sometimes you can use past assignments and agreements to inform future ones, saving you time.
Set aside some time once a day, once a week or once a month to keep your files organized. The same goes for backing up your electronic files. Consider using a secure cloud-based backup service since hard drives can fail without warning.
Contracts If your business provides a service, you should sign a contract with your client every time you begin doing business with a new person or company. If you provide a product, you may have contracts with suppliers and distributors.
You may wish to hire legal counsel on an as-needed basis to draft and review contracts to make sure your best interests are fully protected.
Before you open for business, you should create a standard contract template that lays out the basic areas you want to cover in every business agreement, such as time frame, pay and job parameters.
Your contract may also cover issues such as confidentiality, records, liability and ownership of work product. But contracts also serve a few less obvious functions. They spell out the details of the work to be performed, giving both you and your client an opportunity to make changes or clarifications before the work begins, when it is cheaper and easier to do so.
Contracts also help weed out people who have no intention of paying you and show your clients that even though your business may be small and new, you are a professional and you take your work seriously.
Both you and your client should keep a copy of the signed contract for your records. Accounting and Tax Records If your business has complicated financial records or if you want to be able to prepare financial statements with the click of a button, business accounting software such as QuickBooks can be a big help.
Be warned, though, that to use business accounting software accurately and effectively requires some accounting knowledge. You can always keep records by hand or by spreadsheet. In many cases, spreadsheet software can serve all of your accounting needs — at least while your business is small.
You can even get free spreadsheet software by downloading Open Office, an open-source software suite similar to Microsoft Office, or by using the cloud-based Google spreadsheets. For more, see Business Startup Costs: The graphic below shows many types of records you need to keep for accounting and tax purposes.
Other Records While this is not an exhaustive list and the types of records you will need to keep depend on your line of work, other records you should hold onto generally include the following: Purchase orders Emails and other business communications Inventory logs.The following document is a sample of a finished business plan.
In your final plan, you have the opportunity to elaborate on those ideas in your outline that you feel are most integral to your business. Automate Your Business Plan. for Windows ® 7 thru Software Companion to our award-winning book, Anatomy of a Business Plan Our stand-alone software saves you + hours and will guide you step-by-step through the writing of a top notch business plan with an integrated (linked) spreadsheet workbook that is completely customized .
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To meet the demand of customer and built strong customer relationship, to create the employment opportunity for .