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MODULE TASKS
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COURSE CONTENT
Before we move on we are going to create an organization system for your record keeping. I recommend using a cloud-based storage system like Dropbox, google drive, one drive, AWS S3, or icloud. The platform does not matter it is what your comfortable using and has the lowest cost to you. If you are a big google docs user you are likely to go with google drive. IF you have Office 365 then you get 1TB of cloud storage so you can use it. The Structure we show you are from Dropbox but you can create this file structure in any of the above. If you are paranoid about your data then you could do this just on a computer and have some type of back up. In this day and age using the cloud to give you multi-device access and full data back up just is good business.
File Naming Conventions
A common file name convention is very helpful. I suggest all files being named year, month, date, then by a naming convention to help you know what the file is. use underscores for spaces. This will help you when you need to do a search for a file by narrowing the date range.
File Backbone
This is the backbone structure of your business. You should create these file folders in your cloud storage of choice.
Accounting
This folder will be our largest and most active. With monthly business data, receipts and the like filling up subfolders.
Business Models
Here we will store our annual plans and goals for the business.
Intelectual Property
Here you will file documents for our IP portfolio
Legal
This is where we will file legal correspondence.
Marketing Information
This is where we will keep files relating to specific marketing campaigns.
Organization Documents and Information
Here is where we keep the Federal and state documents along with operation agreements.
Product Information
This folder is where we collect information about books, final manuscripts, covers, old copies.
Projects
This folder is for collecting data and organizing the other “rivers of cash”. This is merchandising, collaborations, or anything you need to manage but doesn’t fall into a book or series.
Sales Contracts and Information
Various contracts and agreements
Accounting Branch
The accounting branch holds the majority of your business documents for operations.
Banking Information
How to Organize: Bank and then account
Banking contacts and contracts; monthly statements/reconciliations.
Contractor Info and W9
How to Organize: Individual Contractor
Contract, Non-disclosure agreement, W9, and payment information.
Monthly Reports
How to Organize: Year then the month (2018_01)
Monthly accounting reports and budgets
Payroll
This has a branch structure of its own see below.
Receipts
How to Organize: Year then the month (2018_01)
Credit and Debit card receipts. Scan them in for redundancy. A note you need to keep your receipts for auditing purposes but you don’t have to be organized to make the auditor’s life easy.. Its fine to just drop them all in one folder. You don’t get extra points at an audit for being organized but you lose points if you can’t produce the receipt.
Taxes
How to Organize: Year
Final filed returns and supporting documents
Vendor Files
How to Organize: Individual Vendor
Contracts and invoices by year.
Payroll
The Payroll branch holds information about benefits, employees and payroll taxes.
Benefits
How to Organize: Benefit offering (Health, Life, Retirement)
Contract, Roster, Offerings, Correspondence.
Employees
How to Organize: Individual Employee
I-9, withholding documents, banking documents, other HR forms.
Payroll Reports
How to Organize: Monthly (2018_01)
Payroll filings and reports
Payroll Taxes by Agency
How to Organize: Agency then Monthly
Registration information then filed returns and support
Sales / Royalties
Save Monthly Pdfs and CSV files of sales reports from the platform.
How to Organize: By platform then by month
Sales files and payment files.
File your records in the appropriate folders.
Now its time to get all of your files up into the cloud. The first two you should save is your Articles of Organization/ Incorporation in Organization Documents and Information.
Next look at the list and think about what else should be filed here. Collect up all those documents and put them into the file structure.
For paper documents find a scanner app for your phone that uploads directly to your cloud storage. You can also use most home printers that have a scanner to get the documents into digital form.
One last thought on planning for the worse
Have a sheet with all of your account login information and what monthly bills need to be paid and from what accounts.
Keep this list somewhere safe but where someone else knows about that can help if something happens to you. Keep this where you keep items like social security cards and birth certificates.
Many soloprenuer businesses have issues if the owner dies or is incapacitated because their loved ones don’t know where to get into accounts to make payments or transfer funds.
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