This small business know guide is one of our many series on how to start and manage your own business. The information in this report will discuss the basic records you need to keep in your business. It will also point out that a record-keeping system should be very simple to use and easy to understand.

We have compiled this report to help many small business owners who think record keeping is a complicated and technical assignment that only accountants and loan officers can understand.

Since business owners themselves are ultimately responsible for the success or failure of their businesses it is very pertinent for them to know and understand the basic records to be kept by their operations.

“How to keep records for your business” discusses the basic original books of entries like cash receipt and disbursement journals you need to set up for your business. It shows you step by step of how to prepare these journals. It also shows you how to prepare your profit and loss statement and balance sheet statement from these basic journals.

For illustration sample entries are also given and posted into the cash receipt and disbursement journals and financial statements prepared for you to understand. Other basic records needed to run your business successfully are also covered in this report.