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February, 2012

Thoughts About Financial Planning and Record Keeping

In this Issue:

Financial Planning and Record Keeping


SavingsA lack of financial planning or good record keeping might go unnoticed during boom times. However, solid financial planning is very important in times of economic downturn. Some accounting experts feel that poor record keeping predicts failure of a business. Budgeting is also necessary for individuals between jobs or changing jobs.

Some of the benefits individuals will gain from budgeting include:

  • Reduced stress
  • Better spending habits
  • Proof of tax deductions
  • Expenditures are tracked
  • Savings toward future goals

The Small Business Administration External link opens in a new window feels that entrepreneurs should keep good records for the following reasons:

  • Control expenses
  • Fulfill payroll requirements
  • Improve cash flow
  • Use supplier discounts
  • Measure performance
  • Easier tax preparation

Choosing a record keeping system is the first step. A simple budget worksheet, like the one provided by Goodwill Community Foundation External link opens in a new window, is probably adequate for individuals. Small businesses need a more sophisticated system. Entrepreneurs need to determine whether a manual or electronic system is best suited to their business. The best system is the one that you will actually use.

RESOURCES

For Individuals:

For Businesses:

  • At the Illinois workNet Portal, entrepreneurs can view webinars Link opens in a new window about starting a business.
  • Nolo External link opens in a new window explains manual and electronic record keeping systems for small businesses.
  • The IRS External link opens in a new window answers questions small businesses may have concerning record keeping.

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