Get Your Business Organized


Dear Fellow Entrepreneur,
Records are very important to managing a business. This is regardless of the level of operations. It is the records that actually show the existence of any business. This is because to any external parties, it is the records that will reveal the actual situation of your business.

For a deeper understanding please read.


It has been established that most small business are usually found wanting in this area. In the sense that they do not usually know.

  1. What records to keep?
  2. How to keep the records?

To find answers to these two questions visit http://www.taishaaccountingservices.com.ng/get-business-organized-proper-good-record-keeping/

Keep proper a record to save your busines money and time.

Yours in enhancing your profitability and growth.

J. Taiwo Popoola

Taisha Associates
(Accounting, Bookkeeping, Financial, Management and Tax Consultants)
Commercial House,
84, Allen Avenue,
Ikeja.
Website: www.taishaaccountingservices.com.ng
E-mail: info@taishaaccountingservices.com.ng or taishaassociates@hotmail.com
Phone: 2348023183590; 2348093183590

Get Your Business Organized through Proper and Good Record Keeping

Most small business always start informally and because of that, record keeping is always neglected. Poor record-keeping practices always results in waste of time and money; waste of time in searching or processing a document when needed, and waste of money through payment of penalty, interest and others to tax authorities and other government agencies.

A business is expected to keep a proper and good records in order to comply with various laws, (for instance CAMA and PITA) and to operate your business properly. You need to establish a system where you can file records so that they can be easily and efficiently retrieved.

Below is a way to organize your important company records. You can combine or subdivide categories, depending on the nature and extent of your business — and remember to keep hard copies of important e-mail documents. The bottom line: record keeping can be difficult to keep up with, and it can prove to be a real problem if it's not done correctly.

  • Accounting and bookkeeping records. These records include sales and expense information, inventory, ledgers, income statements, balance sheets, cash flow statements, and other financial statements.
  • Bank records. These records include bank statements, cancelled cheques, bank reconciliations, notices from and to your bank, deposit slips, and any loan-related documents.
  • Contracts. These records include all contracts you have entered into, including real estate leases, equipment leases, purchase agreements, sales agreements, joint venture agreements and work-for-hire agreements.
  • Corporate records. If your business is a corporation, these records include articles of incorporation, bylaws, shareholder minutes, board minutes, state filings, action of incorporator, and amendments to the various corporate documents. If your business is not a corporation, other documents relevant here include partnership agreements and the owners’ LLC documents.
  • Correspondence. These records include correspondence sent and received by mail, and may also include faxes and important e-mail that should be retained in hard copy.
  • Employee records. These records include completed employment applications, employee offer letters, employee handbooks or policies, employment agreements, performance appraisals, employee attendance records, employee termination letters, and any settlement agreements with terminated employees.
  • Frequently Source Documents. You want to build up and maintain a host of standard forms that you use frequently in the business. These forms can include a standard purchase order, sales agreement, vouchers invoices, goods received notes offer letter to new employees, and employment application.
  • Intellectual property records. These records include trademark applications, copyright filings, patent filings and patents, licenses, and confidentiality or nondisclosure agreements.
  • Marketing and advertising records. These records include marketing brochures, print ads, Web banners, text or radio ads, and other marketing materials.
  • Permits and licenses. These records include permits, licenses, or registration forms required to operate the business under federal, state or local laws.
  • Stock records. These records include the company´s stock ledger (where all stock and other securities transactions are recorded), stock register, bin cards, etc
  • Tax records. These records include income tax remittance receipts, withholding tax receipts, business premises and annual federal and state income tax filings, records supporting tax filings, value added tax records, and other tax-related matters.
  • Having your business organized through proper and good record keeping is a sound foundation for efficient management that will put your business on a path to enhancement of profitability and growth.