How to Set Up Your Recordkeeping System

The key to turning your business records into a valuable management resource is organization. An effective recordkeeping system is easily recognized as the following:

• Uncomplicated, logical and user-friendly
• Thorough and accurate
• Easily accessible
• Integrated into your daily business routine
• Consistent with the size and nature of your business

This publication is intended to help you set up an easy-to-use recordkeeping system. In One, you will learn a simple bookkeeping method that will keep track of all your daily business transactions and help you prepare financial statements. Two deals with how to set up a payroll system for your employees and how to track their work performance. Three looks at other forms of recordkeeping, including inventory, safety, and customer service records.

There are many other sources from which you can get additional help and advice regarding setting up your recordkeeping system:

1. A professional accountant or bookkeeper, as well as your banker, can help you determine the best way to set up your records in order to meet both the needs of your particular business and your legal responsibilities under Canadian tax law and other government regulations.
2. The business sections of libraries and bookstores also contain valuable information on setting up and keeping your records.
3. If your business has a personal computer, there are many excellent recordkeeping and bookkeeping packages available.
4. Revenue Canada Taxation provides several useful booklets that cover many of the taxation issues and recordkeeping requirements for new small businesses.