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Ugo Okonkwo

BusinessOMatic.com
 Home and Office Based Business Opportunity

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A Bookkeeping System that will Save you Money

Tne of the most important, least understood and appreciated aspects of any business, is its bookkeeping or accounting system. And, because very few people know much about the reasons for a bookkeeping system, most people are frightened by the thought of the work involved in setting up such a system, and the drudgery of daily maintenance.

There's really nothing complicated to bookkeeping - it's as sim§ple as keeping a daily diary and/or maintaining your personal checkbook.  At the bottom line, it's simple a matter of recording your deposits - your incoming monies - and keeping a record of the money you spend.

So, the first thing you need to do is open a business account for your extra-income business or endeavors.  Generally, this is simply a matter of asking the new accounts teller at a local bank for a business account registration card.  Fill this card in, and with the small registration fee, send it in to the appropriate commissioner, and from there, open your new business account - complete with imprinted checks.

Drop by a local sxtationery store and pick up a loose leaf notebook, and a supply of paper.  We've always picked up a supply of index tabs at the same time - either to separate the months or the accountability sections for each item we sell.

Assuming that you want to make it as simple as possible, while at the same time keeping it as efficient as is necessary - here's what you do and how you do it.

On the first page in your notebook, write on the top line and in the middle of the page:  Monday, January 1st, 1994 or whatever day you officially start your business.  Then, as your orders come in - if by mail, as you open your mail - jot down starting from the left side of page, the amount you received - dash - for what - from whom, and their address. The page might look like this:

Monday - January 1st, 1994

$3 - Tax-Saving Report - Jim Sloan, 97301
$6 - Tax-Saving & Dating Report - Steve Nelson, 30261
$3 - 5-Letters P/Day Report - Gloria Watson, 63222
$10 - Easy Money - Bob Elliott, 42134
$10 - How To Sell Books by Mail - Dave Sasseen, 11301
TOTAL INCOME:  $3...EXPENSES:  None

That's all there is to it, and emphatically, all it is to recording what you receive and what you spend.

The next entry, immediately under the first day's entry, might look like this:
 

continues here

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