Basic Business: Good Record Keeping

Written by Wild Bill Montgomery

Continued from page 1

Gross Receipts arerepparttar income you receive from your business. You should retain supporting documents, which showrepparttar 117916 amounts and sources of your gross receipts. Examples of gross receipts include cash register tapes, bank deposit slips, receipt books, invoices, credit card charge slips, email records and your forms 1099-Misc.

Purchases arerepparttar 117917 items you buy and resell to customers. If you are a manufacturer or producer this includesrepparttar 117918 cost of raw materials and/or parts purchased for making into finished products. Your supporting documents should showrepparttar 117919 amount paid for those purchases. Examples of documents for purchase include cancelled checks, cash register tapes, credit card slips, email records and invoices.

These records will help you determinerepparttar 117920 value of your inventory atrepparttar 117921 end ofrepparttar 117922 year.

Expenses arerepparttar 117923 costs that you incur to carry on your business. Your supporting documents should showrepparttar 117924 amounts paid for those business expenses. Examples of documents for expenses include email documents, cancelled checks, cash register tapes, account statements, credit card slips, invoices and a petty cash system for small purchases.

A petty cash fund allows you to make minimal payments without having to write checks for small amounts. Each time you make a payment from this fund, you should prepare a petty cash disbursement slip and attach it to your receipt as proof of payment.

Travel, transportation, entertainment and gift expenses require some extra documentation to deduct them as business expenses. For example, to deductrepparttar 117925 cost of taking a client to lunch, you should recordrepparttar 117926 name ofrepparttar 117927 client,repparttar 117928 purpose ofrepparttar 117929 lunch and topic discussed atrepparttar 117930 lunch.

Assets arerepparttar 117931 property, such as your computer and fax that you own and use in your business. You must keep records to verify certain information about your business assets. You need records to figurerepparttar 117932 annual depreciation and gain or loss when you sellrepparttar 117933 assets. Your records should show when and how you acquiredrepparttar 117934 asset. Also includerepparttar 117935 purchase price, date of purchase, cost of any improvements, deductions taken for depreciation and deductions taken for casualty losses like fires or storms, how you usedrepparttar 117936 asset, when and how you disposed ofrepparttar 117937 asset, selling price and any expenses ofrepparttar 117938 sale. Example of these supporting documents may include purchase or sales invoices, real estate closing statements and cancelled checks.

This is a just quick, crash course article on basic record keeping. But, whatever your business, remember, good record keeping is essential torepparttar 117939 your financial survival. So takerepparttar 117940 time and keep good records. The headaches you save may be your own.

Thanks for reading

Wild Bill Montgomery ATTENTION: Are You Tired Of Fooling Around Yet? When It's Time For You To Get Down To Business, Get The Best In Marketing & Business Information! To Subscribe & Get Your FREE Reports & Software go to <>

The Art of Bartering for Web Services

Written by Marc McDonald

Continued from page 1
However, even if you don't excel at any given Web-related task, it's still possible to succeed in bartering. For example, many successful Web site owners often have a large "to do" list of typically mundane, clerical-type chores that they never have time to get around to doing. Perhaps their site needs a thorough proofreading. Or perhaps they need someone to spend a few hours researching their site placement under various keywords inrepparttar various search engines out there. One nice thing about bartering for Web-related work is thatrepparttar 117915 longer you're onrepparttar 117916 Web,repparttar 117917 more barter opportunities emerge. I've been running Web sites since 1996. Duringrepparttar 117918 past few years, I've accumulated a sizable list of experts who specialize in many different areas who I can always approach for barter deals. For example, since my initial barter deal to have a Web site translated into Spanish, I've developed a number of contacts among people fluent in various languages. Through barter deals, I've managed to get Web content translated into various languages overrepparttar 117919 years, including Swedish, French, and German. I now have a number of barter contacts who I can approach for virtually any sort of specialized task I need: whether it's a custom logo, a new HTML design, help with a database, etc. In short, bartering has saved me thousands of dollars overrepparttar 117920 years. The lesson I've learned is: never underestimaterepparttar 117921 power of bartering for any specialized Web-related tasks you need performed. The longer that you're onrepparttar 117922 Web andrepparttar 117923 more contacts you build up,repparttar 117924 greaterrepparttar 117925 odds that someone you know can perform a specific task for you in a barter deal. Used to its potential,repparttar 117926 art of Web bartering can save you a lot of money overrepparttar 117927 long haul.

Marc McDonald is a former journalist and editor with the Fort Worth Star-Telegram and the creator of as well as several other popular Web sites that have received extensive media exposure from CNN's "Headline News," the BBC, Fox News, ZDTV, CBS Radio, the Washington Post, and many more. Visit the FreebieDirectory at: and AAAPostcards at:

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