When you decided to start your business, was your first priority concerned with setting up your filing system for recording your expenses? I seriously doubt it. This simple task (yes it is simple) is usually the item that is the last thing on the new business owners mind. The more important issues of what product to sell, how am I going to advertise, how much money is it going to cost me, and how much money can I make are the first questions we consider when going into business.
The task of recordkeeping is usually procrastinated until the very last minute, when it is required. It is time to file your tax return, or time to go to the bank to get a loan for the business and the banker wants to see some financial records for the business. This can be a very daunting and cumbersome task if you have to dig through receipts and expenses for the whole year! No wonder we hate keeping records. Thats no fun!
Well, guess what? If you arent keeping good, timely, and up-to-date records monthly, you dont need to be in business. Thats right. I said it. Here are the top five reasons why I truly believe this statement.
1. Lost tax deductions = Lost Money If you are...
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