(Submitted by Melissa Carter, Business Development Specialist, Small Business Development Center, OSU South Centers)
January is typically the month we all try to start fresh. New resolutions, new goals, and new opportunities. January is the perfect month to continue or start keeping good records for your business. Why keep records? Here’s some reasons for keeping good records:
- Detail tracking – Whether it’s customers, sales, or inventory, these details help run your operations smoothly.
- Planning – Keeping good records helps anticipate seasonality of your business. You can run a sale this March to get customers in the door if you know last March was slow.
- Tax Prep – There’s no need to scramble around at the last minute to get your tax paperwork in order. Maintain those records that you know you’ll have to report quarterly or annually for federal, state and local requirements.
- Legal Compliance – Having a good record system of your contacts, leases, agreements with suppliers, licenses, permits and insurance just allows your business to run seamlessly. If a problem arises, you’ll be able to show the documents necessary to keep everything on the up and up.
- Payroll and Personnel – If you have employees, there are numerous records you are required to keep – even after your employee leaves your business.
If you already keep good records for your business, great! Keep it up! If you are not up to par, don’t stress! Start this year fresh and then build upon that.