Money Smart: Record-Keeping Recap
Our March Money Smart for Small Business class discussed record-keeping basics to ensure your business starts off on the right foot. In today’s fast-paced business world, keeping accurate and organized financial records is essential for the success of any small business.
During the class, our instructor Katy Woods, provided attendees with the knowledge and tools to keep financial records in order and make informed financial decisions. This class covered the fundamentals of record-keeping, including key concepts, best practices, and practical tips to help you streamline your record-keeping processes and achieve financial success.
Let’s dive into the top three key points we wanted attendees to remember!
- As a small business owner, you will need to track a significant amount of information. No matter the type, size, or complexity of your business, establish and maintain a proper record-keeping system that is suited to your particular business needs.
- Regardless of whether you use a computer system, cloud-based computing, or a combination of these two, you will need to think about business software. There are many software products to help you keep records for your business. The most common uses of software products are email, spreadsheets, and accounting.
- Pick a record-keeping system or use a combination – but, most importantly, start now!
- There are many benefits of keeping accurate records. Some examples include:
- If a fraudulent transaction tries to post to your account, you will know right away and can start the dispute process quicker.
- When you are on top of your accounts payables & accounts receivables, you know your revenue and can manage your cash flow more accurately.
- When it is time to file your taxes, it doesn’t feel like such a chore because you know where all your records are stored and can efficiently access them.
This and the other Money Smart classes are designed to empower you with the skills and knowledge you need to manage your small business effectively. If you want to talk to us about past classes, you can reach out to your Banker! Or, if you would like to sign up for future classes, you can register here: https://www.coastalbank.com/money-smart/