The first-ever SCORE Awards was held on September 17, 2009 in Washington, D.C. The SCORE Awards recognize and celebrate excellence in and support of America’s small businesses. SCORE honored clients for their outstanding success.
Zakeez, Inc. was the winner of the Outstanding Woman-owned Business Award. The company is an ergonomics and human factors company that specializes in research and development of innovative and unique products and services. Their goal is to create products that improve the quality of life of children and help parents and babies connect. The company was founded by Yamile Jackson, a Ph.D. in ergonomics and human factors engineering and licensed professional engineer. She used her personal experience, work and education to invent the award-winning “The Zaky®.” This product is used in hundreds of hospitals and thousands of homes and child-care facilities, and by preemies, ill, healthy and special-needs children worldwide.
Just after starting her business, Jackson turned to Houston SCORE for advice and mentoring. SCORE experts have helped her develop her business plan and marketing materials, such as brochures, posters and a Web site, www.zakeez.com.
Want to learn more about the SCORE Awards? Check out http://www.score.org/SCORE_Awards_2009.html for all the details.
Entrepreneurs, by nature, are charged up and enthusiastic about running their businesses. Perhaps the last thing they want to think about is recordkeeping. How boring! Yet, how important! It is a must to keep good books and records. Tracking your revenue as well as your expenses lets you know whether you’re making or losing money. It enables you to prepare financial statements that may be needed for loan applications or other reasons, and recordkeeping is required for tax return preparation. Here’s what you need to keep in mind:
Decide how you’ll keep records.
Today most small business owners use software or online accounting solutions for recording income and expenses. There are many easy-to-use no- or low-cost options.
You’ll need to keep receipts, invoices, canceled checks and other paperwork to support tax deductions claimed on your return (the IRS provides guidance on record keeping in Publication 583. Whether you use expandable folders or scan paper receipts into your computer, make sure your system protects the records and allows for easy retrieval.
Set up a separate business bank account.
Don’t co-mingle your personal affairs with your business finances; you’ll complicate your record keeping and probably miss out on tax deduction opportunities. Also, it’s a good idea to obtain a credit card used solely for your business.
You’ll want your recordkeeping tasks to become routine. Setting aside time on a regular basis to record your income and expenses will help establish good recordkeeping habits. Or you may want someone to do this for you (an employee or an outside bookkeeper/accountant).