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Financial Freedom

Home | My Testimony | Testimonies of Success | What the Bible Says | Form 1; Personal Monthly Income & Expense | Form 2 - Personal Daily Journal | Form 3 - Percentage Guide | Money Saving Hints | Debt Settlement | Getting Organized Personally | Business - Daily Journal | Business - Monthly Summary | Financial Bondage? | Order of the Balanced Life | Achieving Your Goals | Overcoming | Prosperity | Habits | Seed Faith | 36 Ways to Reduce Stress | Wisdom Keys from Mike Murdock | Covenant of Blessings by Mike Murdock | Getting Organized Business | Favorite Links | PDF files for printing

Getting Organized Business

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Creating a Filing System
1. Create separate folders for each of your budget categories:
 
Gross Receipts or Sales
     Can be broken down by client or type of income
 
Cost of Good Sold
     Purchases less cost of items withdrawn for personal use
     Cost of Labor (not to yourself)
     Materials & Supplies
     Other Costs
 
Expenses
     Advertising
     Car & Truck
     Commissions & Fees
     Contract Labor
     Depreciation
     Employee benefit programs
     Insurance (other than health)
     Interest
     Mortgage (paid to banks)
     Legal & Professional Services
     Office expense
     Pension & Profit-sharing plans
     Rent or lease
           Vehicles, Machinery & Equipment
           Other business property
     Repairs & Maintenance
     Supplies
     Taxes & Licenses
     Travel, Meals & Entertainment
     Utilities
     Other; itemize by category
     Business use of your home
 
2. Inside the Folders you will be creating tabs to separate the sub-categories:
 
3. Keep a daily calendar; note who you see, why, & mileage. A week at a glance is very helpful for planning purposes.
 
4. Save ALL of your receipts. Note on them why purchased & to which job the item relates. Keep in daily envelope till entered into your bookkeeping then place in a monthly envelope.
 
5. Be sure to keep in savings at least 1 month of future expense total. Long term savings will be 1 year of future expenses based upon your past average monthly expenses.
 
6. Keep a complete list of clients including name, address & contact phone numbers/email addresses. Keep a similar list of vendors.
 
7. Contact a leasing company to determine if there will be a savings in employee benefits ie: insurance, retirement, workman's compensation.
 
For Answers to your questions:
 
WWW.IRS.GOV     Forms & Publications:
 
     Business Expenses
          Forms: 2106 Employee Business Expenses
                    2106-EZ
 
          Publications: 15    Employer Tax Guide
                            334  Tax Guide for Small Business
                            463  Travel, Entertainment, Gift & Car Expense
                            535   Business Expenses
                            910   Free Tax Guide 
                            4591  Source of Information    

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BE CREATIVE!  Use color codes, adjust placement of the tabs.
YOUR filing system is YOURS and must work for YOU.
 
God Blesses organization.
Organization eliminates waste of time looking for items.
Organization eliminates confusion.
Orgainization is GOOD FOR YOU!