Guide to Starting and Operating a Small Business | 2018 Guide to Starting and Operating a Small Business - Page 54

10 Managing a Business Professional Assistance The importance of professional assistance cannot be overstated. The cost of hiring professional consultants often discourages business people from obtaining professional assistance; but the expense of using skilled professional consultants may be insignificant when compared to the net gain you might achieve by putting your time to revenue producing activity, or the costly after-effects of poorly prepared or incomplete documents, or uninformed decisions. There is no substitute for professional services to keep a business operating within financial and legal parameters. There are professionals available to assist with every aspect of a business, and able to determine what will best serve specific business needs. Listed below is a “core group” of professionals most business people need. Professional Services Bookkeeping, taxes, cash flow Legal form of business organization, contracts, agreements, generalconsultation Loans, billing services, creditsystems Set up, manage, and monitor hardware and software Design and implement marketing materials and plan Accountant Attorney Banker Information Technologist Insurance Agent Recordkeeping The term “record keeping” refers to the orderly and disciplined practice of storing business records. Record keeping is one of your most important responsibilities as a small business owner. The success of your business depends on creating and maintaining an effective record system. Record keeping ranges from simple manila folder filing systems to commercial software programs to complex on-line cloud-based systems. Types of Records to Maintain     Accounting – Cash flow, income and expense, balance sheet, petty cash Client files Contracts, vendor files Corporate or organization records (meetings, resolutions,etc.)      52 Bank and credit card statements Annual tax returns, quarterly tax filings Personnel (for specific requirements, see HR professional and/or SBDC consultant) Inventory Vehicle use log, travel log