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Best Practices for Small Business Record-Keeping Implement a document management system. ... Check for record retention mandates. ... Choose accounting and payroll software that generate records. ... Match records to transactions during bank reconciliations. ... Back up and secure your records.

The accounting cycle has nine steps that should be followed: Organize transactions. Record diary entries. Post journals to the general ledger. Perform unadjusted test balance. Create a reconciliation entry. Prepare a suitable test balance. Perform financial reporting. Close the book of the month.

Sort and store all paperwork, receipts and payments by financial year. Keep all original documents and date all correspondence. Record all transaction dates and payment amounts. Save all online financial transactions by month and financial year in your inbox and in a separate folder on your hard drive.

Accounting Systems Other records, such as payable and receivable ledgers, bank reconciliations, bank statements, and cash and charge slips, and any other supporting documents should be retained for seven years.

Keep either a digital or hard copy of your monthly bank and credit card statements for the last year. It's a good idea to keep your digital copies stored online if you choose to go paperless. You should also hold on to pay stubs so that you can use them to verify the accuracy of your Form W-2 when tax season arrives.

How to maintain books of accounts for small businesses? Select an accounting methods. ... Way of recording transaction. ... Set up charts of accounts. ... Open a business bank account. ... Determine the business payment system. ... Maintain a record of expenses. ... Schedule and set reminders.

Consider separate accounting for different product lines. If you have more than one product line or department, you may want to keep a separate set of books for each. ... Selecting the right accounting software. ... Maintaining sales and cash receipts journals. ... Keeping tabs on sales invoices. ... Recording cash register receipts.

How to organize receipts for small business Use a business account and credit card. Save your receipts. Spend time reviewing your receipts once a month. Make notes on the back of receipts. Create a spreadsheet for work-from-home expenses. Back up your receipts. Go digital.