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SMALL
BUSINESS FUNDAMENTALS TRAINING
COURSE SYLLABUS
Section Four
Record Keeping
Discusses the importance of record keeping, plus provides students with simple instruments and forms.
I. Answering the Objections - gives practical suggestions on overcoming some of the fears business people have of keeping records. For example:
· "Record keeping is burdensome"
· "What good is it?"
· "I can't deal with numbers…"
II. Record Keeping vs. Bookkeeping - Is there a difference?
III. Record retention Guidelines - Gives types of documents, and the number of years the Internal Revenue Service requires them to be retained.
IV. Reasons why records must be retained
· Financial (to provide historical information, financial statements)
· Managerial control (paying bills, collecting)
· Internal control (monitoring, preventing theft)
· Legal (support in case of legal proceedings)
· Managerial Decision-making (info for budgeting and planning)
V. Filing - Out of the "shoebox", into the filing cabinet. Includes a list of tips. For example:
· Throw away anything you don't have an immediate use for.
· Don't file extra photocopies
· Don't save drafts of contracts
VI. Reconciliation of Checks
VII. Business Records - Provides copies of essential forms, and the way to utilize them:
· Daily Cash Report
· Cash In/Cash Out report
· Detail of Weekly Expenditures
· Accounts Receivable
· Accounts Payable
· Equipment and Supplies Needed Worksheet
· Gas Mileage log
· Petty Cash
Copyright
2001-2006 by PACE LA. All rights reserved.
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