Holiday Great Buys

Wednesday, February 10, 2010

Setting Up A Filing System for Your Business

Paperwork! Where does it come from and why can't we just get rid of it? Two questions we can never seem to answer. With all the digital gadgets we have in this world, you would think we could get a handle on all this paperwork!

You may not be able to get rid of all the paperwork for many reasons, but you can take control. The key is to get organized. Setting up a filing system is one step to help you acheive this goal.

Business files need to be kept separate from your personal records. Setting up a filing system for your business will
  • make filing taxes easier
  • help you access records and receipts when you need fast access to them
  • give you peace of mind and keep you organized
Here is a suggestion on how to set up a sytem. First, decide on what kind of filing system you want. You may want to use a simple rolling cart or you may need a office-size filing cabinet. Next, you will need labels and folders. At this point, I recommend hanging file folders. Next, you will need to decide if you want to use a label maker or hand-written labels.

Getting Started:
Once you make your decision, gather all your supplies and start your journey. For the most part, this should take from 1 to 3 hours of your time.

Step 1. Using a Label Maker- Gather label maker and begin making labels for your hanging file folders. You will need to categorize your income and expenses for easy filing. I will supply a list of suggested categories later in the post.
            Using Handwritten Labels-Gather your Sharpies and labels and begin making labels for your hanging file folders.

Business File Folder Suggested Categories List

Business Income (Divider)
  • Sales
  • Refunds/Returns
  • Other Business Income (Non-Sales Related)
Cost of Goods Sold
  • Inventory
  • Purchases (for resale)
  • Labor
  • Other Costs (Seller Fees, Shipping Costs)
  • Materials
Business Expenses
  • Advertising
  • Car/Truck Expenses
  • Contract Labor
  • Depletion
  • Depreciation
  • Employee Benefit Programs
  • Insurance (Other than Health)
  • Cancelled Debt
  • Rental Property (Vehicles, Machinery)
  • Repairs and Maintenance
  • Pension/Profit Sharing
  • Office Expenses
  • Office Supplies
  • Travel/ Meal & Entertainment Expenses
  • Utilities
  • Phone
  • State Sales Tax
  • Taxes & Licenses
  • Legal
  • Merchant Account/Credit Card Processing Fees
  • Website Hosting Fees
You may or may not use all the categories on this list. You may need others that are not listed. Fit in what works for you. Once you have the system set up, you will begin to see the results of a better organized business. This will make for less stress, so you can do your best.

I welcome your comments on this post. I would love to hear your thoughts. Post suggestions and join us by becoming a friend. Before you leave, I would like to recommend some products that I believe will assist you in getting started and on your way.

Filing And Storage Soluitions at Office Depot.

Once again, it is a pleasure to blog with you. I look forward to your visits and comments. Have a prosperous week until next time on Sarah's Super Center Blog Spot

Sarah Kim,
Sarah's Super Center Blog Spot Manager