With so much going on in your equine business, it’s impossible to remember every little transaction that may happen. Every transaction, no matter how small, should have some piece of supporting evidence to back it up. Make notes on your documents, so when look back a couple months later you will know what the transaction was for.
Here are a few other tips for managing your paperwork:
- Always get an invoice for items that you buy, but don’t need to pay for right away.
- Always get a receipt for any transaction, especially when you pay in cash.
- When you sell something or provide a service and expect payment later, always generate an invoice for the customer.
- Whenever you receive a payment, issue a receipt.
- Keep your filing organized, so that sales invoices are separate from purchase invoices.
- Write a payment reference on invoices when payment is received and file the invoices in a paid file.
Following these simple rules of organization should get you well on your way to keeping good records. Just remember to never mix business and personal finances. Keep them totally separate or you’re certain to have trouble with your business and, more importantly, the IRS!
If you need help getting a handle on your equine business’s paperwork, EQ Bookkeeping can help. We are expert at taking out-of-control piles of receipts and miscellaneous papers and turning them into a clear, concise record of your business dealings.
Visit our website for more information about our outsourced bookkeeping programs for the equine industry, or call us at 877-399-8920.
