Sunday, June 22, 2008

Tracking Expenses



Tracking Expenses



expenses tracked manually




Running a small business is a lot of work. We have been self employed for almost ten years now and we have most of our processes down to a science.

The paperwork is the most daunting of all the tasks involved for running a small business.

The computer has cut down tremendously on many of the tasks but keeping the actual records still requires that dreaded paper and the storage of it for many years.

I do get to thinking, though, that I am glad we are just a small business without a lot of employees. All the extra work for maintaining employees is very daunting.

I have heard other business owners complain about their paperwork too, and I can just imagine the amount they must have to keep for their workers.

Also keeping track of each one's Expenses and Timesheet has to be a major job in itself.

Having software to manage employees projects and time must be a lifesaver for them.

We use several different programs to manage our different tasks and I am very thankful to have them.

Of course, I am also glad that I understand the basics of manual bookkeeping - but I hope to never see the day where I have to go back to it. I will then need some employees to carry on with the front end!












2 comments:

  1. Kathy, I am in the same position, but I always been doing on the computer in Excel, until I discover quickbooks, lol. However, I have this old style accountant, just want adapt to new system I have, lol. Well I kind of like doing the bookkeeping, but now I am really behind. I also do both, for business, and we actually track everything down to penny personally, it really helped us save money that way. Nice photo btw, Anna :)

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  2. You do not have to keep paper. You just have to make sure that it is backed up. Off site data storage is cheap enough that you can back up there, and they do backups as well.

    If you back up to DVD, off site, and they do backups. then you should never have to worry about your files.

    Then the IRS or anyone else can just look at everything on the computer. receipts are a different story though. You can scan them in, and then save them in a box and store that. Thermal receipts need to be in a cool dry space though other wise they will bleach out over time. Scanning in is a good way to make those records perminiate as well.

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