Covering the Basics: Your Home-Based Business Filing System Explained
There are several common files that must be present in a commercial file system. Below are the basics from a home office or small business perspective. Depending on the nature of your business, these may be general or specific to you, but you can customize the information below to suit your business. Remember to use the KISS – Keep It Simple Sweetheart principle. You don’t need to invest in a complicated and expensive system to host just a few files. The information contained in your files should only take 30 seconds to find. Customize your system to work for your business and work style. Keep the files you use most often close to your desk. Put compressed files or files that you don’t use often in another location.
You’ll notice that some file titles appear to be repeated, such as Websites under Marketing and Domain Names under Expenses. The distinction here is that you would place the items related to the content and design of the website in the Marketing file and the invoices for hosting and domain name registration in Expenses.
Clients/Patients/Clients
or Last Name, First Name
or contact information
o Personal information (if required)
o Projects – Ongoing (if necessary)
o Projects – Completed (if necessary)
directories
o Business Guides from local Chambers of Commerce
o Provider Directories
o Business Directories
Bills
or Accounting
or Advertising
o Business licenses, fees (government fees, local and provincial/state fees)
oComputer
o Computer equipment – hardware (printer, scanner, PDA, mouse, router, microphone, speakers, etc.)
o Consulting services (business coach, organization coach)
o Contracted Services (virtual assistant, subcontractors, cleaners, etc.)
o Domain names
o Employee benefits (medical/dental, insurance, RRSP, 401K, etc.)
o Insurance – commercial property/office
o Insurance – professional liability
o Interest and Bank Charges
or Legal
oLibrary
o Maintenance and repairs (or lease improvements if you rent)
o Meals and Entertainment
o Office equipment (phones, fax machine, calculators, shredder, etc.)
o Office furniture (desks, chairs, lamps, radio, bookcases, etc.)
o Office supplies (stationery, pens, labels, file folders, etc.)
or Mail/Mail
o Property taxes
oTravel
or Utilities
or cell phone
Phone
or fax line
or Internet connection
o Heating/Lighting
or rent
o Vehicle expenses
Fuel
o Repairs and Maintenance
or insurance
Education and Professional Development
o Include any courses you take that are business related, including seminar information, conference information, online courses, continuing education courses, staff development courses, etc.
Financial
o Accounts Payable – Current
o Accounts Receivable – Current
o Accounts Receivable – 30-60 days
o Accounts Receivable – 60-90 days
o Accounts Receivable – 90-120 days
o Accounts Receivable – In Collection
o Balances – Monthly
o Monthly statements from banks or credit unions (store only 1 year on active file/retain up to 10 years, depending on federal/provincial/state laws)
o Bank loans (original loan documents, interest rates, amount borrowed, payment terms, etc.)
o Capital cost allocation information (Canada only)
o Corporate/business tax returns (retain up to 10 years, depending on federal/provincial/state laws)
o Credit card statements
o GST/HST forms (Canada only)
o Income Statements – Monthly/Annual
o Payroll and Tax Records
o State tax breaks
o Tax forms
Inventory
o Inventory count
or by product name/number
o Invoices/Statements
or by provider name
or then ordered by invoice number
or Providers
or listed alphabetically
or ordering/contact information at the front of the file
Marketing
o Advertising – Printing
or Advertising – Radio
o Advertising – Television
o Advertising – Website
or Advertising – Internet
or Articles of Interest
o Business Plan (review annually – archive old copies)
o Information pack (about your business)
or press releases
o Information about trade fairs
memberships
o Professional/trade organizations to which you belong
o Boards you serve on
personal files
o Each employee by Last Name, First Name
o Resume/application form, tax forms (Canada – TD1), payroll records, benefits package information (medical/dental, RRSP, 401k, etc.)
o Performance evaluations/reviews, disciplinary information, company-provided education record, etc.
o Salary/salary rate record and notes on raises, direct deposit information (if providing EFT)
o Miscellaneous tax forms
o Procedures Manual
o Resumes/Applications on file for six months
o Employment Registration Forms
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