Keeping Proper Business Records
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Naz Daud
Mar 23, 2013, 11:00:05 PM3/23/13
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Article Title: Keeping Proper Business Records
Author: Naz Daud
Word Count: 525
Article URL: http://www.isnare.com/?aid=504688&ca=Business+Management
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=504688
Easy Publish Tool: http://www.isnare.com/html.php?aid=504688
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How good are you at keeping business records? If you are recoiling at the mere thought of it, you would have to change your ways if you want to develop a successful home run business.
When you are self employed you are responsible for sorting out your own tax and National Insurance. But there is no one looking over your shoulder to prompt you to get this done and keep records throughout the year. Once the old tax year ends you will receive notification from the tax office that you need to fill out a tax return. But after that you won�t hear a peep out of them until it�s time to submit it and pay your first chunk of tax at the end of January the following year.
Many business people � particularly those who are new to business � have come unstuck through not keeping up with paperwork and failing to realise how much tax they are due to pay. And this is precisely why you need to keep regular records so you know exactly where you stand with your business.
But it isn�t just the tax bill aspect that makes this so important. If someone was to ask you now how well your business was doing, could you honestly answer them? If you are sitting there among piles of work to be done you would think your business was quite healthy. It may well look that way, but if you don�t have any up to date records of income and expenditure your ideas may differ greatly from the reality of things.
Keeping records doesn�t have to be hard either. Provided you do it on a weekly � or even a daily � basis, you can easily keep up with what is required. And it isn�t just necessary for official purposes. You will find that you can run a better business through keeping thorough records for yourself.
For example, the tax office doesn�t need to know � nor does it care � how you find your new customers. But you should care, because if you know the answer you will be able to find more new customers more cheaply and quickly in the future.
Let�s say you advertise in two different places and get 20 new customers a month. You might think that is a good result. But if you keep accurate records you might well realise that 15 of those customers come from one of your adverts and just five from the other. And you pay exactly the same for each advert. This knowledge � knowledge which comes from keeping paperwork about this aspect of your business, will tell you that perhaps you could ditch the less successful ad and find somewhere else to advertise instead. This could lead to even better results in the future.
Complete and accurate financial records are a must, so always make the effort to keep whatever paperwork you need to have when you are running your own business. It can make a real difference to how successful you are in the long term.
About The Author: Naz Daud � CityLocal Directory http://www.citylocal.co.uk/ http://www.citylocal.ie/ http://www.citylocal.co.uk/businessfranchise/articles/Keeping-Proper-Business-Records-90/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=504688
*********************** ARTICLE END ***********************
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Message delivered directly to members of the group:
publish-the...@googlegroups.com
*****************************************************************
Please consider this free-reprint article written by:
Naz Daud
*****************************
IMPORTANT - Publication/Reprint Terms
- You have permission to publish this article electronically in free-only publications such as a website or an ezine as long as the bylines are included.
- You are not allowed to use this article for commercial purposes. The article should only be reprinted in a publicly accessible website and not in a members-only commercial site.
- You are not allowed to post/reprint this article in any sites/publications that contains or supports hate, violence, porn and warez or any indecent and illegal sites/publications.
- You are not allowed to use this article in UCE (Unsolicited Commercial Email) or SPAM. This article MUST be distributed in an opt-in email list only.
- If you distribute this article in an ezine or newsletter, we ask that you send a copy of the newsletter or ezine that contains the article to http://www.isnare.com/eta.php?aid=504688
- If you post this article in a website/forum/blog, ALL links MUST be set to hyperlinks and we ask that you send a copy of the URL where the article is posted to http://www.isnare.com/eta.php?aid=504688
- We request that you ask permission from the author if you want to publish this article in print.
The role of iSnare.com is only to distribute this article as part of its Article Distribution feature ( http://www.isnare.com/distribution.php ). iSnare.com does NOT own this article, please respect the author's copyright and this publication/reprint terms. If you do not agree to any of these terms, please do not reprint or publish this article.
*****************************
Article Title: Keeping Proper Business Records
Author: Naz Daud
Word Count: 525
Article URL: http://www.isnare.com/?aid=504688&ca=Business+Management
Format: 64cpl
Contact The Author: http://www.isnare.com/eta.php?aid=504688
Easy Publish Tool: http://www.isnare.com/html.php?aid=504688
*********************** ARTICLE START ***********************
How good are you at keeping business records? If you are recoiling at the mere thought of it, you would have to change your ways if you want to develop a successful home run business.
When you are self employed you are responsible for sorting out your own tax and National Insurance. But there is no one looking over your shoulder to prompt you to get this done and keep records throughout the year. Once the old tax year ends you will receive notification from the tax office that you need to fill out a tax return. But after that you won�t hear a peep out of them until it�s time to submit it and pay your first chunk of tax at the end of January the following year.
Many business people � particularly those who are new to business � have come unstuck through not keeping up with paperwork and failing to realise how much tax they are due to pay. And this is precisely why you need to keep regular records so you know exactly where you stand with your business.
But it isn�t just the tax bill aspect that makes this so important. If someone was to ask you now how well your business was doing, could you honestly answer them? If you are sitting there among piles of work to be done you would think your business was quite healthy. It may well look that way, but if you don�t have any up to date records of income and expenditure your ideas may differ greatly from the reality of things.
Keeping records doesn�t have to be hard either. Provided you do it on a weekly � or even a daily � basis, you can easily keep up with what is required. And it isn�t just necessary for official purposes. You will find that you can run a better business through keeping thorough records for yourself.
For example, the tax office doesn�t need to know � nor does it care � how you find your new customers. But you should care, because if you know the answer you will be able to find more new customers more cheaply and quickly in the future.
Let�s say you advertise in two different places and get 20 new customers a month. You might think that is a good result. But if you keep accurate records you might well realise that 15 of those customers come from one of your adverts and just five from the other. And you pay exactly the same for each advert. This knowledge � knowledge which comes from keeping paperwork about this aspect of your business, will tell you that perhaps you could ditch the less successful ad and find somewhere else to advertise instead. This could lead to even better results in the future.
Complete and accurate financial records are a must, so always make the effort to keep whatever paperwork you need to have when you are running your own business. It can make a real difference to how successful you are in the long term.
About The Author: Naz Daud � CityLocal Directory http://www.citylocal.co.uk/ http://www.citylocal.ie/ http://www.citylocal.co.uk/businessfranchise/articles/Keeping-Proper-Business-Records-90/
Please use the HTML version of this article at:
http://www.isnare.com/html.php?aid=504688
*********************** ARTICLE END ***********************
- To distribute your articles go to http://www.isnare.com/distribution.php
- For more free-reprint articles go to http://www.isnare.com
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