Guide to Technology

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Business And Home Office

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Now that you are the owner of your home office, you may have to overcome many difficulties. Record keeping is one such major and critical responsibility. But is it getting over your life? Are you maintaining every single bill, tax return receipt, insurance invoice and medical document for the past ten years? If your answer is no, dont worry, as there are many like you. People are generally not sure about how long financial record retention should last? So let us constitute a document retention policy that works best for you!



Guidelines for record retention:- When it comes to retention of financial records, dont worry because there are not any hard and fast rules. But there are some basic rules, which you can understand and then select the best.

Suggestion for Record Retention:- Since there is a lot going around about identity thefts, good record keeping should involve destroying all the records that contain personal information and you can do this with scanners. By using this method, you can store many receipts and important documentation neatly and in an organized fashion.

Marketing the Document Retention policy:- A quick and easy way of keeping records is to do away with unnecessary mail.

Tax Return Receipts and Backup Documentation:- Tax returns should be maintained for seven years, personal and official. This is a long period of time, but think of it as an annual cleaning activity whenever new returns are filed.

The IRS keeps copies of your tax returns, but for your safety, it is safer to maintain your tax returns. Scanners can help you with this, as you can scan your backup information and reduce your paper pile.

Health Records:- The health record of you and your family should be maintained indefinitely. This record should be maintained with the complete contact information on physicians and medical history, with the medical prescriptions. This information helps you to save time and energy in the future, in an emergency.

Medical Records:- If you want to claim medical expenses while filing your tax return, then it is advisable that you maintain the records for 7 years from the date of claim. For other medical records, you can maintain them for 5 years from the time of treatment.

Life insurance policies:- This should be maintained for a minimum three-year period.

Medical Insurance policies:- This includes the premium statements, doctor bills, prescription copies and hospital bills. The general rule is that they should be maintained for five years from the date on which the service was rendered.

Home Insurance:- The time frame suggested is five years. If you think you have some issues, then go in for the ten-year rule.

Warranty documents:-Always keep in mind that the very moment you discard an old appliance or telephone or anything else with warranty, you can safely dispose off the papers too. Generally, warranty documents can be disposed off on the expiry date specified.

Home Repair Bills:- This is also an area where a scanner can save your filing. These records can be maintained for ten years, if you have an inkling of litigation.
Business And Home Office
While it may seem like a good idea to start your own business and work from home, it is important that you take the right steps to help you become successful. Setting up and properly managing your home office is a vital component to getting your new business to work for you. By being properly prepared in the beginning you'll be ready to meet any challenges head on.

If you have a family it is important to get them on board and make sure they understand and appreciate any boundaries that you have established. For instance, your office should be free from distractions and a quiet place for you to work. If at all possible give them small tasks to do so they feel part of the process.

Getting Your Office Ready

Before you start conducting business you want to make sure you have all the necessary tools, equipment, and supplies you need to make your business successful. These may include but are not limited to a computer, printer, fax machine, dedicated phone line, scanner, calculator, filing cabinet, and book shelf. You'll also need office supplies, a desk and a chair. Make sure your work space is comfortable and quiet.

Using a Work Address

Rather than using your home address for work purposes, get an outside mailbox or PO Box instead. You don't want clients thinking that they can stop into your office, and it appears much more professional to have a PO Box address. You can get a box at your local post office for a nominal fee.

Managing Your Work Time

You may need to learn how to organize your time differently than when you worked outside of your home. Concentrating on work at home can seem difficult at first. You need to be able to organize and manage your time by balancing work obligations and family time.

Start with an agenda. Use a desk calendar or a daily plan- ner to organize your time. You can even plan your daily activities using the tools in Microsoft Outlook. Keep to the list and check each task off as you finish it. Include time for lunch, 15-minute breaks, and time with the family. If you're more productive working 7 a.m. to 1 p.m., then schedule your time accordingly.

If you need to do business calls try and do them when everyone else is out. It can be very distracting to have others around. If someone else is always home be sure to keep your office door closed and ask family members to stay out.

Avoid Overload

Rather than doing everything yourself consider investing in software programs that can help you manage your time more effectively. For instance, rather than keeping track of inventory through paper means, get some software that does it for you. You can quickly run reports on a variety of data that will help you save time and energy.

Know your limitations. Yes, you're the boss, but even the boss gets over-booked. Try prioritizing your work and setting daily goals. Running a home-based business often means you're working alone.

If you do need help consider asking family members to assist with simple clerical tasks. This is a great way to get your family involved and safe yourself some valuable time as well.

Overcome obstacles with the right tools. If your home business isn't operating smoothly, you might want to re- evaluate your daily strategies. Take time to prepare your home office to handle the work load.
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Both Kris Koonar & Vlad Ehrsam are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

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