Posts Tagged ‘Documentation’

Business Records

Friday, February 3rd, 2012

One of the most important aspects of running your own business is the maintenance and process of keeping business records. The act of classifying, storing, and securing legal documents is essential towards a company in any niche. Keeping track of the flow of your company is one of the most important factors in managing your own business.  Staying on top of your records will make the process much easier when the time comes to track down the specifics of your company. Documents such as bank slips, statements, bills and invoices should all be sorted appropriately for your reference at a later time. Most small businesses fail to keep specific documentation regarding purchases they’ve made throughout the year that may help to give you a more detailed perspective on your company finances. The process of retaining legal documents has become much simpler with the recent introduction of electronic documentation. It’s much easier to store and organize information on your computer than to physically store documents or manually sift through them to find the documents you need. Having your legal documents in an organized state is essential because they will be required for legal purposes, taxation purposes, analyzing business strategies and future planning.

 

Company Maintenance

Friday, September 2nd, 2011

As the owner of your own business you may find it difficult to stay on top of everything with new tasks materializing before you. Most individuals let some of the less important tasks fall through the cracks which cause bigger issues in the future. A good habit to develop is to document the tasks that you have ahead of you as well as the ones that you’ve crossed off your list. Factors such as priority and availability will hinder your abilities to complete certain tasks at the bottom of your list. Most people don’t realize that these smaller insignificant tasks should be done away with so that your focus can be placed on more recent issues. The same can be said about work that is mandated along the line to other individuals. Mistakes are often seen and it is possible that work you’ve handed to a colleague might have been overlooked or forgotten. If you keep notes or documentation to keep track of everything it would be in your best interest to e-mail or call to ensure that the issues passed on were indeed resolved. It’s expected that as a business professional for you to have your hands full; however the worst mistakes we can possibly make is to overlook an easy issue. By constantly going back and double checking your previous tasks you will only help yourself in the future.

 

Professional Documents

Friday, August 13th, 2010

A commonly seen mistake that a majority of companies make is not taking the time and putting in the effort when compiling professional documentation. When a quote, contract or other documentation are drawn up it’s very important that every minuscule detail is planned out and brought to the attention of everyone involved. Most often the case is that these documents are constructed poorly due to the rushed feeling of sending the information to the other party as quickly as possible. When the documentation is sloppy there is a higher risk of error and may cause legal issues to erupt if either of the parties have certain criteria that have not been met. Hidden costs and other underlying factors will not help the agreement in the slightest and may cause more painstaking time to be invested in the quest to establish an agreement.  The documentation that a company uses in order to conduct these types of business must be of the highest quality in order to prove to the client that they are reputable, reliable, and professional. Another purpose of writing up detailed professional documents is to protect your company when involved in an exchange of services. Often when two parties enter into a disagreement the outcome can possibly escalate to legal action which can heavily impact your company and hurt the relationship even further. Contracts and other documentation should be as specifically detailed as possible and contractually binding in order to ensure that all aspects have been properly scoped out.