No matter how small your small business is, it is essential to have some sort of accounting and billing police and methodology. This will prevent you from making mistakes and upsetting vendors or even bouncing checks. Most sole proprietor and single employee companies do not have a plan of attack for accounting and billing procedures until there is a crisis. There is no sense in allowing a crisis to take hold, especially when a few procedures are set in place to prevent it. Remember Noah built the Ark before the rain.
Below you will see a simplistic outline to help you and guide you along as you develop your own accounting and billing policies to insure you are paid on time and pay your bills when they are due. Now then, my business will be slightly different than your business so you may wish to slightly modify this outline to fit your own unique business. I recommend that you print this article and then modify it to specifically help you in your business. Once you have re-written and/or modified your outline then start listing items and make a few paragraphs describing how you will be handling such things. Once this is complete you will be well on your way to having a complete and first class manual for accounting and billing. Continued success and may your business grow to its full potential and take full advantage of your new procedures.
ACCOUNTING AND BILLING
I. CHECK BOOKS
II. JOURNALS
III. CREDIT CARD STATEMENTS
IV. ACCOUNTS RECEIVABLE
V. BILLING
A. Discounts For Prompt Payment
B. Terms Of Contract
C. Unit Numbers And Days
VI. EMPLOYEE WITHHOLDING
A. Book Keeping Services
VII. BOOK KEEPING SERVICES
"Lance Winslow" - If you have innovative thoughts and unique perspectives, come think with Lance; www.WorldThinkTank.net/wttbbs
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