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A Documentation Strategy Unleashed

Written by: Ruth Pringle

Article Overview: Every business must have a documentation system that is manageable. With a three part system in place, it would be difficult to go wrong.

A Documentation Strategy Unleashed

A great strategy for keeping a business on the track to success is having a documentation system in place that is effective and manageable. In order to have this type of system, there are three key ingredients to making it work. The three ingredients are permanent files, regular files and a daily diary.

Permanent files are records that include your stock purchases and sales, any equipment purchases and sales, all of your prior year's tax returns and documents, and any other content that is similar. Rule of thumb is that you should keep any records that pertain to more then one tax year. Property purchases should also be included in this file. Anything pertinent such as closing statements, deeds, and any purchase documents or expenses that are related to these purchases.

A daily diary is another important ingredient. This can also be referred to as an appointment book or a daily scheduler. This will be the main part of your system. The size of your business will determine how much of a role your daily diary will play. If you have a larger business, it will not be as important as it would be to a smaller business. The items you should include in your daily diary is a list of all your scheduled appointments, your travel arrangements and schedule, and information and notes that pertain to your business contacts.

The last part of the system is your regular files. These files consist of any and all time sheets for employees you may have working for you, your general receipts, invoices and canceled checks and any other documents or information you have that will be of use if needed.

These simple strategies will help ensure your business will be running smoothly and efficiently. It will also help in the event you need any of this information available at hand. If you keep good records and a good filing system, you will make a better business for yourself as well as others.

*Thanks to "Tax Strategies For Business Professionals" by Sandy Botkin for the facts and information provided in this article.

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Article Tags: appointment book, business contacts, business professionals, closing statements, daily diary, documentation system, equipment purchases, filing system, invoices, property purchases, purchase documents, receipts, rule of thumb, sandy botkin, scheduler, stock purchases, tax returns, tax strategies, time sheets, travel arrangements
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