Documentation in your business is the key to scaling and growing from small business owner to something bigger. Print Friendly. Documentation is important to any system implementation, and an accounting system is no exception. The newest programs available allow you to scan receipts, tax returns, checks, and other documents and file them away - without the need for a bulky filing cabinet filled with papers and labels. A source document is any document you create or receive in the normal daily running of your business. It’s important to keep a record of the work you’ve done and the business agreements you’ve made in case you or the other party has a question about it at a later date. They are sometimes referred to as the “paper trail”. In order for your staff to be able to use your documentation, you need to create it in a format that is easy to use, edit and access. Documentation is the written and retained record of employment events. Business documents are files that provide details related to a company's internal and external transactions. Business documents may be digital, occurring as electronic files, or they may come in physical form, written or printed on paper. TL;DR: Documentation is VERY important! When working in another country, it is essential to understand any legal issues as they pertain to your business. Contracts serve as a gateway through which your venture can enter new markets and expand its reach; other paperwork validates your current position and provides assurance to your investors and customers. The importance of proper business documents. These records are made up of government and legally mandated elements, documents required by company policy and practice, documents suggested by best human resources practices, and formal and informal record keeping about employment events. Some common examples of business documents include letters, invoices and order sheets. Documentation tells the story of a business; its origins, intent and the journey it's taking to achieve its ambitions. Every business around the world has a period of time in which all their documents must be kept, the period is usually five years, and I believe banks keep them for a bit longer like 7 years. These documents are evidence that transactions occurred. I think this is an oversimplification of documentation, and when, where, and why it's important to a project. Contracts If your company is offering a service, ideally you should have a contract for every client you provide work to. I live in the land of client services, where every project involves a new set of stakeholders, participants, audience types, and overall business objectives. All this has to do with what business was conducted and what transactions took place and what profits, if any were made in between that period of time. Melissa Crownhurst shares in this systemHUB workshop how documentation helped her sell her business with an added value of $20,000 due to the documentation … Tips for Effective Documentation. Now that we’ve covered why documentation is important, it’s time to look at the how to get started, and what formats you can use. Use an accessible and simple format. Customers * Documentation is necessary to help your customers understand how to get started using your product. Documenting is usually done on paper or online with explanations as why a certain decision was made over others.
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