Module 2: Recordkeeping
If you’ve completed Module 1 on Financial Management, you already understand many of the basics here. Generating accurate reports, timely invoices and tracking money as it goes in and out of the company are all sound business practices.
Proper recordkeeping is just as important. In this day of cloud computing and online services, recordkeeping is easier than ever. Still, some business people want to keep track of their records the old-fashioned way, and that’s fine too.
In this module, we’ll explore the types of records you should keep, how long you need to keep them and examine some of the methods and tools to use to manage records effectively in a small business.
What do you know about recordkeeping?
Let’s start with a self-assessment of your knowledge about business recordkeeping so you can focus on building the skills you may not have yet mastered. Be honest with your answers. No one is checking your work, and there is no right or wrong answer in this section.
Read each statement below and select the number that corresponds with your level of confidence, level 1 (least) to 4 (most).
|1. I can explain the concept of recordkeeping and why it is important to my business.||1||2||3||4|
|2. I can identify recordkeeping practices, rules, and tools commonly used by small businesses.||1||2||3||4|
|3. I can explain how recordkeeping rules, tools and practices work.||1||2||3||4|
|4. I can identify the benefits a business receives from proper recordkeeping.||1||2||3||4|
|5. I can explain the basics of recordkeeping to another small business owner.||1||2||3||4|
|6. I can identify the processes used to keep proper records using online platforms and computer software.||1||2||3||4|