Training for Success With Your Internet Business, Article 1, Record Keeping

<h1>Training for Success With Your Internet Business, Article 1, Record Keeping</h1>Author: <a title="John Ritchie" href="http://www.articlesbase.com/authors/john-ritchie/69639.htm">John Ritchie</a> 
So, you have already started either your own home business, internet business or home based business or you are considering doing so. Whether your business be internet based or otherwise, I will refer to it as your Home Based Business in these newsletters. I hope you will find value in this Newsletter and those that will follow.
 
My own experiences in setting up an internet based home business office are very real and quite recent. I therefore thought that if I could pass on some of the tips that I have been given or have learned, maybe I can save some of my reader’s valuable time and maybe money also. So please use these articles as a good base training tool for your home based business.
 
The first thing that I have found to be of great value is to maintain a logbook  highlighting the daily activities in my home based business. This is certainly not essential, but let me provide a few valid reasons to maintain such a record. Preferably your logbook should not be loose leafed. It should be a book that is either bound or has a spiral spine. Show clearly the date before you commence each day. Refer to it as your Home Based Business Log Book and keep it up to date at all times.
 
When a logbook is full, put a label on it showing the dates covered and then start a new log book. Things to record are really up to you, but I have found it useful to record phone numbers for leads or contacts and details of any telephone calls made to leads particularly. I also record web pages I have visited and make a summary of useful information found on each site. Please do not fall into the trap of saving all your websites into your computer’s favourites file, because it will soon become too crowded and you will never find what you are looking for. Even if you extend your History file to include the last 6 months of visits, you will still experience difficulties finding what you are looking for.
 
The log book is also a good place to record usernames and passwords as you sign up at various sites. I know that you will need to maintain a more permanent record of this information on a spreadsheet or something similar, but initially you will usually be given a password that you will never remember. So enter the information into your spreadsheet record once you have changed the password to something more suitable to you.
 
Perhaps a more critical reason to maintain your logbook is that it will provide proof that you are operating a bona fide home based business venture should the tax man come calling at some future date. (more on the tax man cometh, in a later newsletter).
 
I am sure that one of the main reasons that you have started your own home based business is so that you can earn income. Unfortunately, this brings us to more record keeping. This time, however, you really do not have an option unless you have an accounting or bookkeeping package that will assist and keep the required information for you. When your income starts to come in it is essential that you record the following information.
 
The date you receive the income,
Who paid this income to you,
the amount that you received.
 
Even if you have money deposited into an account such as Paypal or some similar internet transaction vehicle, you still need to keep a record. The best place to record this, if you do not have an accounting package,  is in another small bound book. I would suggest that you start a new page each month and total your income at the end of each month.
 
Why do you need to keep this record? Because you are going to need it to complete your annual income tax return. Don't think for one moment that because your income is being earned in cyberspace, that you will not be required to declare it as income to your tax authorities. The same goes for income that you obtain from foreign companies also. The penalties for not declaring your income can be very expensive should you be foolish enough to try and then get caught. You are required to report all income you receive from your home based business on at least an annual basis.
 
This includes
Income from sales
Commissions or bonuses you receive for sales and the sales of others who work for you or who are down line from you if you are operating an MLM Business.
Prizes, money and awards you receive because of sales you make.
Include interest income, amounts recovered from bad debts you deducted in a prior year, and other miscellaneous income.
 
John Ritchie, A.I.B., A.I.C.B, F.I.C.B,<a href="mailto:brlynt@gmail.com">brlynt@gmail.com</a>
 
Copyright to this article belongs to John Ritchie. <a href="http://www.johnritchieonline.com/"><a target="_blank" href="http://www.johnritchieonline.com">http://www.johnritchieonline.com</a></a>. (Having Fun Making Money) blog site. You may download and distribute this article freely and without restrictions. You must not, however, delete the resource box link.
 
 
 About the Author: He spent over 17 years in the banking industry in the U.K and then a further 8 years in Canada. For the last 20 years he was a senior executive for two private sector companies where he was chief operating officer and chief financial officer for a business that had 7 divisions, all open 24 hours a day 364 days per year and which operated in 6 different locations across Canada. Additionally he has also served as the Quality Manager and General Manager, responsible for all in house operations, for a company which was ISO registered. As a recently retired Canadian Small Business advisor and mentor, he is moving his attention into the internet world of small business, where his past experience and knowledge, will prove of significant value and will grow as he learns how the internet business world thinks and works.Article Source: <a href="http://www.articlesbase.com/">ArticlesBase.com</a> - <a href="http://www.articlesbase.com/home-business-articles/training-for-success-with-your-internet-business-article-1-record-keeping-515797.html" title="Training for Success With Your Internet Business, Article 1, Record Keeping">Training for Success With Your Internet Business, Article 1, Record Keeping</a>

So, you have already started either your own home business, internet business or home based business or you are considering doing so. Whether your business be internet based or otherwise, I will refer to it as your Home Based Business in these newsletters. I hope you will find value in this Newsletter and those that will follow.

My own experiences in setting up an internet based home business office are very real and quite recent. I therefore thought that if I could pass on some of the tips that I have been given or have learned, maybe I can save some of my reader’s valuable time and maybe money also. So please use these articles as a good base training tool for your home based business.

The first thing that I have found to be of great value is to maintain a logbook highlighting the daily activities in my home based business. This is certainly not essential, but let me provide a few valid reasons to maintain such a record. Preferably your logbook should not be loose leafed. It should be a book that is either bound or has a spiral spine. Show clearly the date before you commence each day. Refer to it as your Home Based Business Log Book and keep it up to date at all times.

When a logbook is full, put a label on it showing the dates covered and then start a new log book. Things to record are really up to you, but I have found it useful to record phone numbers for leads or contacts and details of any telephone calls made to leads particularly. I also record web pages I have visited and make a summary of useful information found on each site. Please do not fall into the trap of saving all your websites into your computer’s favourites file, because it will soon become too crowded and you will never find what you are looking for. Even if you extend your History file to include the last 6 months of visits, you will still experience difficulties finding what you are looking for.

The log book is also a good place to record usernames and passwords as you sign up at various sites. I know that you will need to maintain a more permanent record of this information on a spreadsheet or something similar, but initially you will usually be given a password that you will never remember. So enter the information into your spreadsheet record once you have changed the password to something more suitable to you.

Perhaps a more critical reason to maintain your logbook is that it will provide proof that you are operating a bona fide home based business venture should the tax man come calling at some future date. (more on the tax man cometh, in a later newsletter).

I am sure that one of the main reasons that you have started your own home based business is so that you can earn income. Unfortunately, this brings us to more record keeping. This time, however, you really do not have an option unless you have an accounting or bookkeeping package that will assist and keep the required information for you. When your income starts to come in it is essential that you record the following information.

The date you receive the income,

Who paid this income to you,

the amount that you received.

Even if you have money deposited into an account such as Paypal or some similar internet transaction vehicle, you still need to keep a record. The best place to record this, if you do not have an accounting package, is in another small bound book. I would suggest that you start a new page each month and total your income at the end of each month.

Why do you need to keep this record? Because you are going to need it to complete your annual income tax return. Don't think for one moment that because your income is being earned in cyberspace, that you will not be required to declare it as income to your tax authorities. The same goes for income that you obtain from foreign companies also. The penalties for not declaring your income can be very expensive should you be foolish enough to try and then get caught. You are required to report all income you receive from your home based business on at least an annual basis.

This includes

Income from sales

Commissions or bonuses you receive for sales and the sales of others who work for you or who are down line from you if you are operating an MLM Business.

Prizes, money and awards you receive because of sales you make.

Include interest income, amounts recovered from bad debts you deducted in a prior year, and other miscellaneous income.

John Ritchie, A.I.B., A.I.C.B, F.I.C.B,brlynt@gmail.com

Copyright to this article belongs to John Ritchie. http://www.johnritchieonline.com. (Having Fun Making Money) blog site. You may download and distribute this article freely and without restrictions. You must not, however, delete the resource box link.

He spent over 17 years in the banking industry in the U.K and then a further 8 years in Canada. For the last 20 years he was a senior executive for two private sector companies where he was chief operating officer and chief financial officer for a business that had 7 divisions, all open 24 hours a day 364 days per year and which operated in 6 different locations across Canada. Additionally he has also served as the Quality Manager and General Manager, responsible for all in house operations, for a company which was ISO registered. As a recently retired Canadian Small Business advisor and mentor, he is moving his attention into the internet world of small business, where his past experience and knowledge, will prove of significant value and will grow as he learns how the internet business world thinks and works.

Rate this Article:

0 / 5 stars - 0 vote(s)

Re-Publish

Article Source: http://www.articlesbase.com/home-business-articles/training-for-success-with-your-internet-business-article-1-record-keeping-515797.html

Article Tags: Training, Home Business, Home Based Business, Internet Business, Web Pages

Related Articles
Related Q&A

Latest Home Business Articles
More from John Ritchie

Start your eBay business today

By: Wilson Campos | 14/11/2009
If you've ever used eBay then I think the word "PowerSeller" is one you are familiar with. It is used to define all these eBay professionals who can show more than 10,000 products sold on the auction site alone, and a feedback rating close to 100%! They are experiencing incredible success, making a lot more money selling their own products than they would working as salesmen for somebody else. You might want to achieve their level of success and to be honest nobody will blame you

3 Article Marketing Tips that Get Ranking and Traffic

By: Matthew Strout | 14/11/2009
Online Lead Generation with Article Marketing is an art that can deliver HUGE results. Here are the three main areas to focus on if you want to get traffic for you efforts.

Answering Services Alleviate Symptoms of Business Phone Stress

By: Hershel Green | 14/11/2009
Business phone stress is a leading cause of blocked revenues and employee dissatisfaction. When inward bound calls reach a worrying level, employees are over stretched and work production stalls. Unfortunately, many enterprises do not know they need help till it is too late to get back the profit. Fortunately , responding services supply the cure if your business has these common indicators of business phonephone stress : Phones left by the wayside. Overstressed, overwh...

5 Ways to Attract the Business you want

By: Karen | 14/11/2009
It’s easy to get tied to your old beliefs - there is not enough money around, success is measured by the number of calls, success is determined by how many hours you work. It’s all about alignment and sometimes you’ll need to consciously shift those beliefs and question your stories.

Answering Services Provide a Valuable Service to Society

By: Hershel Green | 14/11/2009
It is tricky for a lawyer or doctor to survive, if they don't have answering services, which provide the benefit of having a person answer their calls. There are many benefits to having your call answered by a live person. Doctors and lawyers sometimes use these services, although they're available to all. Someone live is often available to you no matter when you call. If a doctor is required to return the call straight away, then he or she will be called on their cell phone....

2 Secrets To A Successful Home Business for Moms

By: Bruce Dillon | 14/11/2009
Setting up a successful home business is a goal for many but the failure rate is high. In this article I look at 3 essentials that must be present if you are to succeed with your home business.

Has Anyone Used Dirty CPA Program to Make More Money Online – Find Out The Truth About Dirty CPA

By: Festus Kofi | 14/11/2009
The Dirty CPA training program consists of a variety of underground tactics designed to help anyone to make massive income from CPA offers. The truth about Dirty CPA is that all the strategies and underground tactics revealed in the program have been tried and tested by the creators themselves and have been proven to work, to make anyone no matter their background, to make money on autopilot as long as they are ready to learn and apply the tactics.

Successful Home Based Business

By: Sandy Klocinski | 14/11/2009
Let's start our evaluation at the heart of your future successful home based business: you. Take a look at your personal traits and ask yourself the following questions: Am I a leader? Do others turn to me for help in making decisions? Am I prepared to lower my standard of living temporarily? Am I prepared to dip into my savings? Do I have specific business ability?

Read email programs

By: John Ritchie | 06/09/2009 | Home Business
Some of you have joined “read email” programs because most of these programs have a FREE membership option, which will also pay you in cash for your efforts, once your income reaches a predetermined minimum level.Some of these programs will pay about 1 cent for each email that you read and some of them only permit you to earn from a few emails each day.Recently a newer group of companies have established themselves on the internet and they are offering substantially higher payments.

Identity Theft Caused From Using Stolen Credit Card Information

By: John Ritchie | 11/09/2008 | Home Business
The sixth in a series of informational articles entitled, Awareness of Identity Theft, This article covers problems faced by Identity Theft victims and should be read by anyone who has established a good credit rating or wishes to attain a good credit rating and is determined not to surrender it to Identity Theft.

Comprehensive List of Steps Needed to Prevent Identity Theft

By: John Ritchie | 11/09/2008 | Home Business
The fifth in a series of informational articles entitled, Awareness of Identity Theft, This article covers problems faced by Identity Theft victims and should be read by anyone who has established a good credit rating or wishes to attain a good credit rating and is determined not to surrender it to Identity Theft.

Combating Online Identity Theft

By: John Ritchie | 10/09/2008 | Home Business
The fourth in a series of informational articles entitled, Awareness of Identity Theft, This article covers problems faced by Identity Theft victims and should be read by anyone who has established a good credit rating or wishes to attain a good credit rating and is determined to keep that record in good standing.

Check Your Credit Report Regularly to Avoid Becoming a Victim of Identity Theft

By: John Ritchie | 08/09/2008 | Home Business
The third in a series of informational articles entitled, Awareness of Identity Theft, This article covers problems faced by Identity Theft victims and should be read by anyone who has established a good credit rating and is determined to keep that record in good standing.

Identity Theft Victim Finds Life is Now Tough

By: John Ritchie | 07/09/2008 | Home Business
The second in a series of informational articles entitled, Awareness of Identity Theft, This article covers problems faced by Identity Theft victims and should be read by anyone who has established a good credit rating and is determined to keep that record in good standing.

8 Million Hotel Guests Face Risk of Identity Theft

By: John Ritchie | 07/09/2008 | Home Business
The first in a series of informational articles entitled, Awareness of Identity Theft, This article covers details of a major leak of confidential information that should be of concern to all and should be read by anyone who has established a good credit rating and is determined to keep that record in good standing.

Training for Success With Your Internet Business, Article 10 Promotional Items

By: John Ritchie | 25/08/2008 | Home Business
The tenth in a series of training articles entitled, Training for Success with Your Internet Business, This article covers Promotional Items, and is a must read for all business owners, whether they are operating an on line home based business, or a regular home based business. The tips and suggestions are provided from real life situations as seen and experienced by the author.