When running a business it is ideal to have an organized well-kept space to contain all of your business's transactions. This will make running your business a much smoother process and save a lot of hassle.
Business's who use a Chronological Order system to keep their receipts and transactions have less problems finding receipts with this easy access to their business's activities. This can make for a more efficient way of keeping organized and prepared.
Make a file section or drawer for each company you do business with. Putting the businesses name in alphabetical order will help when searching for a certain company. Use a different drawer for products received and products shipped.
Label 12 folders or dividers by month for each of the business's that your company has transactions with. Consider a color-coded system for easy retrieval.
Gather all of your business receipts for the last 12 months. Separate the receipts according to the business's name. Sorting the receipts by business name will make them easier to file chronologically.
Place the receipts into the appropriate folder marked with the exact month of the business transaction. Bill-of-ladings should be filed during the month you received the product. Doing this will ensure the receipts are easily found.
File each receipt in chronological order from oldest date to the most recent transaction. It is likely that you will need to access older transactions if there is an issue.
Place each folder in the appropriate drawer that you categorized by business name.
Make a file section or drawer for quarterly tax payments, pay roll, bills, and profit or loss statements.
Teach all employees to use the chronological order system.
Include the contact information for each company in each file for easy access.
Conduct an audit every six months to make sure your records are accurate.
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