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A Bookkeeping System that will Save you Money 2
Tuesday - January 2nd, 1994
$60 - Deposit$11 - Check to Printer
$11 - Consulting Manual - H.P. Barnum, 33351
$3 - Tax-Saving Report - Rulon Collins, 21265
$3 - Seminar Promoter's Report, Kim Novak, 90631
$7 - H/B Business Ideas Report - Charles Johnson, 97620
$10 - Hong Kong Directory - Robert Carpenter, 89401
$2 - Money Getter's Guild Member - Glen Brinks, 83801
$15 - How To Steal $1,000,000 Free Publicity - Joe O'Malley, 77919
$20 - New Release Program - Nancy Hall, 82109
TOTAL INCOME: $7...+EXPENSES: $11...DEPOSIT: $60
And then, carry on with this recording of the money you deposit, receive and spend each day with similar entries for each day of the week - every day Monday through Saturday for each week. It's simple, uncomplicated, and a positive record of your business activity.
Then at the end of each month transfer this daily diary information to one of the low cost bookkeeping registers that your tax consultant or accountant can work from. These people won't work from your daily diary, and will not transfer the information you record in it to a formal bookkeeping register without charging you a small fortune. It's not that big of a job, and if you do it after the close of business on the last day of each month, it won't take you but just a very few minutes. Then, of course, when you're ready to file your taxes, you simply give your bookkeeping register to whoever is going to do your taxes, and you're home free.
The bookkeeping register you'll need can be any simple columnar notebook - we use an "Ekonomik Register, Form RL-17" available in a number of different styles and sizes form Ekonomik Systems - PO Box 11413 - Tacoma, WA 98411. All you really need is some sort of notebook with a number of columns marked off, a title written at the top of each column, and a record of the money received for each day relative to the product or service each column represents. Then at the end of each month, you can simply add the totals from each column and you'll instantly know how much money you took in form each of your offers.
Beyond the date column, will be your record of expenses or money spent. Again, you should title each of the columns you'll be entering figures into, and then record your expenditures for items falling into those categories. Then at the end of each month, it's a simple matter to add the totals from each column and know exactly where you stand relative to profit or loss - how much you took in compared to how much you spent.
Bookkeeping and/or accounting is very simple and should not scare you. Just keep it simple, and up-to-date.
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