There are minimum requirements for all businesses, from the smallest home based businesses to the largest multibillion dollar corporations. Bills must be paid, income must be tracked, and you must reconcile your records with your bank statements. Not only are these the minimum requirements to comply with the various federal, state, and local laws, but they also allow you to determine if your business is turning a profit.
- Do you have an effective system for tracking income and expenses?
- Are you capturing all of your expenses?
- Is your system efficient or do you spend hours wading through bills and receipts to do your own accounting?
- Are you entering the same data two or three times?
- Are you entering anything at all?