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Entrepreneurship:  Record Keeping?  |
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Persephone
True Blue Farmgirl
172 Posts
Katrina
Indiana
USA
172 Posts |
 Posted - Sep 04 2007 : 12:17:50 PM
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| I don't know if many of you know this, but I'm planning on starting an herbal crafts business (once we move in Nov, and the house is all set up), but I've been thinking lately about what records I need to keep- and how to do it. What do you all do? |
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wallflower
True Blue Farmgirl
101 Posts
Holly
East Walpole
MA
USA
101 Posts |
Posted - Sep 04 2007 : 6:33:25 PM
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It may vary by town and state, I registered my business name with the town I live in. I then contacted the Dept. of Revenue for my state to apply for a tax i.d. number. When I collect sales tax, I have to send that to the state. They automatically send me the form at the beginning of the year. I just use spreadsheet to track my expenses and sales. I print these out to keep with my tax papers each year. My operation is very small, so it may be different for others. . .Hope your business blooms! 
Holly |
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momtoeight
Farmgirl in Training
35 Posts
Laura
Medicine Bow
WY
USA
35 Posts |
Posted - Sep 05 2007 : 9:06:48 PM
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The biggies are tracking income and expenses. Everything you sell should be kept track of. Everything you buy should have a receipt. It helps if you keep the income in one place, and the expenses in another (sort them as they come in), and put detailed notes on the receipts so you'll know what they were for if you add them up monthly.
Your state Dept of Revenue may require monthly, quarterly, or yearly returns if you are in a state with income tax.
Laura
Firelight Web Studio - http://www.firelightwebstudio.com
Western Hills Institute for MicroBusiness Training
http://www.westernhillsinstitute.com |
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greyghost
True Blue Farmgirl
650 Posts
Lynn
Summerville
Georgia
USA
650 Posts |
Posted - Sep 06 2007 : 2:43:43 PM
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| I use those Dome books for keeping track of expenses and income. My accountants have always loved me. |
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Entrepreneurship: Record Keeping? |
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Record Keeping?
