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Set Your Records Straight!

Get Started on Good Financial Record Keeping

By Teri Brown

If you are a business owner, record keeping is even more critical. Some additional folders you may need include:

• Meals and entertainment
• Travel
• Equipment
• Supplies

"Of course, the need for these records probably should be balanced with space constraints," says Bartlett. "If you kept every record from every transaction you've completed, you may soon find yourself running out of room! You need to balance the storage you have available with the necessity to keep any particular record."

Bartlett also warns that just because we live in the "computer age" doesn't mean we should keep all our records electronically. "This practice is fine for some purposes, but may not be sufficient for all purposes," says Bartlett. "For example, in the unfortunate situation that you find yourself in tax court, electronic records may not be sufficient to substantiate certain expenses, such as travel expenses."

Bartlett believes that even if record keeping seems like a waste of time, it is well worth the time it takes. "Even if you don't have an intricate filing system or an organized process, at least keep any paperwork and receipts that you think may be needed at a later date," she says. "This can be as simple as throwing everything into a shoebox. A good rule of thumb is if you think you may need it, keep it!"

Want to see more?

• Money Sense for New Families: 5 Tips from Financial Planners
• Airing out Your Wallet: Financial Spring Cleaning
• Get Organized! Keeping Baby's Health Records in Check
• Talk about it!