The "best" record-keeping system depends on your needs (personal vs. business, size, complexity), but for businesses, cloud-based accounting software like QuickBooks Online, Xero, or Wave offers automation, bank syncing, and expense capture, while dedicated Records Management Systems (RMS) (e.g., SharePoint, Laserfiche) handle large-scale document storage and governance; digital is generally preferred for efficiency and compliance over manual systems, though a hybrid approach works, focusing on digital capture (like Hubdoc) feeding into your main system.
Computerized Recordkeeping
Keeping your business's records on a computer follows the same principles as a manual system, except the computer automates the process so it's faster and more accurate.
Quickbooks. Because it's the default and people know how to use it. If you need help it's much more available with Quickbooks. It scales better so you can use it for longer as the company grows.
There are four types of records: official records, transitory records, non-records, and personal records. Some records are kept for a short amount of time, and some records have long retention periods.
Smart Record Mobile Application a record keeping software supports offline record creation. The application works without an internet connection and automatically syncs created records when an internet connection is available. Download our free app from the Android Play Store or iOS App Store by clicking the link here.
Availability of Free Templates for Small Businesses
Google Sheets offers a variety of free templates tailored for different business needs, including Google bookkeeping templates. Business owners can find customizable spreadsheets for recording sales, tracking expenses, or managing budgets.
Audacity is the world's most popular audio editing and recording app.
The 5 “W's” of Documentation
There are 5 methods of filing:
Documents that define your personal and financial life—like your birth certificate, marriage license and tax returns—should be kept forever. Hold on to records that support information on your tax returns for seven years. Digitizing and shredding your paper documents can cut the risk of fraud and identity theft.
Akaunting is a free, open-source, and online accounting software for small businesses and freelancers. From invoicing to expense tracking to accounting, Akaunting has all the tools you need to manage your money online, for free.
Excel is versatile and user-friendly, but it lacks advanced accounting features. Conversely, QuickBooks is tailored for accounting and enhances your bookkeeping management. Both tools offer varied pricing options to suit different requirements, so you can find the best-fit plan for your business.
QuickBooks is the most popular accounting software, distinctly leading the financial software market and underscoring its significant popularity among accountants and small business owners. With a user-friendly interface, it simplifies complex financial tasks, making it accessible for users across all skill levels.
Small business owners often choose cash basis accounting because it necessitates less complex record-keeping and is easier to comprehend for those without a finance background. Additionally, it provides immediate clarity on cash flow, which can be advantageous when making short-term financial decisions.
The document emphasizes the importance of five key aspects in medical record documentation: clarity, conciseness, completeness, confidentiality, and chronological order.
6 simple record-keeping best practices for small business owners
Alphabetical filing is one of the most common and uncomplicated filing systems.
Keep Forever
Do what works best for you—and try to be consistent.
The 9 Principles of Record Keeping: The foundations of good records management
5 Ws and H is a technique originally used by professional journalists and is shorthand for the six key question areas that all reporters should cover for any solid news story: Why, What, Who, Where, When, and How.
Turn on “Always record” for select contacts
On your Android device, open the Phone app . Call recording. Under “Always record,” tap Selected numbers. Turn on Always record selected numbers.
Snagit is a tool for screen capture and screen recording. Use it to grab screenshots of your screen, including long, scrolling pages, and record quick videos.