Some Organization And Filing Tips And Techniques For Your Home Business
Why is it that we only realize the value of organization when it's already crunch time and we have no idea where we kept some document necessary to the renewal of our business license
? If you don't want to run into some really bad snags in the future, you better sit down and figure out an effective organization and filing system for your business.As a business, you will need at least one filing cabinet and lots folders so you can properly file your documents. You will also need some manila folders to store some of your other documents (don't forget to label them), order enough so you will have some supplies for future use.
Organize your financial papers chronologically, and divide them by types. Sort all your financial papers into piles and stack them chronologically. Be sure you have folders for bank statements, credit information, bill stubs, paycheck stubs, receipts, tax information, real estate papers, investment papers, insurance policies and statements, loan agreements and any other financial papers in separate hanging folders. Further divide your tax information by year. Copies of W-2s, 1099s, tax returns and receipts, and any other tax paper should be filed in one folder. Create separate folders for your bills and real estate documents, one folder for electricity, another for water and so on; the real estate papers should also be separated by type like first mortgages, home improvements and second mortgages.
There are important documents that should be filed separately and under lock and key, like savings and certificates of deposit passbooks, deeds and titles, current credit reports, original stock certificates, pension, bonds and Treasury securities, US savings bonds and the others.
Make sure to keep on top of your inbox, especially your bills that need to be paid. Put them in a separate place where they are easily seen and handy.
Remember this guiding rule regarding document storage: tax papers should be kept for seven years while other important documents are to be kept for three years.
To further enhance your system, install a financial planning software; don't be alarmed, there are programs that are quite user-friendly. Some include online banking functions. If you're going to employ this, we suggest that you regularly create an updated back up for all your data.
Keeping your papers organized is not just a matter of whim but of necessity, continually maintaining and updating your files and filing system ensures that all important documents are stored and not lost nor misplaced. Neglecting to do so may have some very disastrous result for your business, something you might really come to regret.
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