Bookkeeping brings it all back to school; trying to keep all your notes in order for multiple classes. Except now those classes are clients and not being organized with your notes can be way more detrimental than failing a class. Keep reading to learn some tips on how to keep accurate financial records for your small business.
1. Separate business and personal expenses
Sometimes the line between business and personal expenses can get blurry for small business owners. It is important to keep these separate to allow you to easily monitor your financial progress and better plan for the future.
2. Get a business bank account
To help with the separation we just talked about, open a business bank account. This allows you to easily organize and access financial information that just pertains to your business. For example, you’ll have a separate business bank account where you can deposit cheques that were made payable to your business.
3. Always get receipts for business expenses
Keeping accurate records of your business expenses is crucial when it comes to tax deductions and can save you and your business some money. A great way to ensure these receipts stay organized is to create a file for them either paper or virtually and to organize them by date.
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While all of these tips can help keeping accurate records easier, at the end of the day some of us just aren’t the best at organizing finances. If this sounds like you, you’re not alone. Outsourcing your bookkeeping is always an option. At STEPS, we have a team of professionals who can help you avoid the financial headache so you can focus on the more fun aspects of running your small business. Follow the link to learn more about our services or send us a message on our contact page.
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