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Chapter 8. Steps in the Planning Process > Small Business Financial Records Che...

Small Business Financial Records Checklist



Cash on hand.

Bank Balance (keep business and personal funds separate).

Daily Summary of sales and cash receipts.

All errors in recording collections on accounts are corrected.

That a record of all monies paid out, by cash or check, is maintained.


Accounts Receivable (take action on slow payers).

Accounts Payable (take advantage of discounts).

Payroll (records should include name and address of employee, social security number, number of exemptions, date ending the pay period, hours worked, rate of pay, total wages, deductions, net pay, check number).

Taxes and reports to State and Federal Government (sales, withholding, social security, etc.)


All Journal entries are classified according to like elements (these should be generally accepted and standardized for both income and expense) and posted to General Ledger.

That a Profit and Loss Statement for the month is available within a reasonable time, (10 to 15 days following the close of the month). This shows the income for the business for the month, the expense incurred in obtaining the income, and the resulting profit or loss.

That a Balance Sheet accompanies the Profit and Loss Statement. This shows assets (what the business has), liabilities (what the business owes), and the investment of the owner.

That the Bank Statement is reconciled. (That is, the owner’s books are in agreement with the bank’s record of the cash balance.)

That Petty Cash is in balance, (the actual cash in the Petty Cash Box plus the total of the paid-out slips that have not been charged to expense total the amount set aside as petty cash).

That all Federal Tax Deposits, Withheld income and FICA Taxes (form 501) and State Taxes have been made.

That age of Accounts Receivables are known, i.e., 30, 60, 90 days, etc., past due. (Work to resolve all bad and slow paying accounts.)

That Inventory Control is worked to remove dead stock and order new stock. (What moves slowly? Reduce. What moves fast? Increase.)

Source: Keeping Records in Small Business, John Cotton, U.S. Small Business Administration, Management Aid #1.017, 1985

Strategic Consideration Marketing 6

Marketing Activities

Marketing involves the exchange of valued goods and services for money. Properly done, both the customer and the business will benefit. Marketing activities are those that facilitate the exchange process. Most marketing decisions the small business person faces may be grouped into five broad categories, with marketing research (previously discussed) being the tool to ensure the quality of these decisions. These categories include:



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