There is nothing worse than keeping a customer waiting because you can’t find what you are looking for. If paperwork doesn’t end up where you can easily locate it, a consistent filing system can help you do that.
Staying organized is an essential part of keeping your office running smoothly. When setting up a filing system it is best to keep your files in alphabetical order. Though some people keep their files numerically by month, alphabetical order makes it significantly easier to locate a specific piece of paper. Wasted are countless minutes sifting through each month, especially if you are doing this repeatedly, day in and day out.
After making the decision for setting up your file cabinet, begin by purchasing both hanging file folders and manila folders. The hanging folders will be permanently labeled folders in your file for use year after year. The manila folders will be labeled as well, but they will also include the year.
Related: 6 Reasons Your Office is in Chaos
For example, for filing bank statements, you would label the hanging file folder as Bank Statements and the manila folder as Bank Statements 2016. The benefit of labeling manila folders by year is at the end of each year the manila folders can be pulled out of the hanging file folders and placed into a storage box, leaving the hanging file folders for the next year’s use.
The IRS recommends storage of tax information for 7 years. The benefit of storing the manila file folders by year is you will easily be able to locate the information you need by the year and in the folder you are looking for.
Below is a guideline list of file folders that you can set up to
organize your file cabinet.
Though many businesses will use most of these categories, other businesses may have additional categories or may not use some at all.
Tax returns
Insurance policies
Credit card statements in one folder or in separate folders labeled: mastercard, visa
Donation receipts
Contracts (alphabetical order in this folder)
Sales Slips
Invoices (alphabetical order in this folder)
Canceled checks (if not located on your bank statement)
Bank deposit slips
Credit card sales receipts
Automobile information
Auto repairs
Travel receipts (if you are able to deduct travel)
Equipment repairs
Purchase orders
Product inventory
Material inventory
Supply inventory
Office expenses and supplies
Phone bills
Utilities: water, gas and electric bills
If you have employees:
1099 forms
Employee benefit statements/plan
Employment tax records
Accident reports/claims
Related: How Organization Can Save Your Business
To keep for 7 years:
Tax returns
Donation receipts
Any documents that support your tax return
Canceled checks
Bank account statements
Credit card statements
Cash receipts if used for the business
Mileage register if mileage is claimed
To keep permanently in accounting software:
Profit and loss statements
Financial statements
Check registers
Business ledgers
End of year financial statements
To keep permanently in paper storage:
Audit reports
Legal correspondence
State and federal income tax returns
Do you have a shoe box, papers scattered across your desk, or your paperwork neatly filed? How do you keep your paperwork organized?
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