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 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 , 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.
- At the Illinois workNet Portal, entrepreneurs can view webinars about starting a business.
- Nolo explains manual and electronic record keeping systems for small businesses.
- The IRS answers questions small businesses may have concerning record keeping.
For Workforce Partners: