04/23/2024
- Keep Good Bookkeeping Records:
- Write down everything about your money: what you get, what you spend, and any bills or receipts. To make it easier, you can use software or get help from a bookkeeper.
- Check your bank statements often to ensure they match what you’ve written.
- Organize Your Receipts and Bills:
- Sort out your receipts and bills smartly, such as by putting them into categories or using labels.
- Think about going paperless by using software to save your receipts electronically.
- Keep Personal and Business Money Separate:
- Use different bank accounts and credit cards for your personal and business money. This makes bookkeeping easier to see what’s what and helps with keeping track of what you spend for your business.
- Make a Money Plan and Watch Your Spending:
- Figure out how much money you expect to get and spend. Keep an eye on what you actually spend to see if you’re sticking to your plan.
- Be careful how you spend money that’s not essential for your business.
- Know About Taxes:
- Understand what taxes you have to pay and when they’re due. Keep track of expenses you can deduct to lower your tax bill.
- It’s a good idea to talk to a tax expert to ensure you’re following the rules and to determine if there are ways to pay less tax.
Bonus Tip: Back Up Your Data:
- Make sure you have copies of all your financial info. This helps if something goes wrong, like your computer crashes.
By following these tips, small business owners can keep track of their money, make smart choices, and follow the rules. If you’re unsure, it’s okay to ask a professional for help, like an accountant or bookkeeper.
Patricia de Oliveira
Professional Bookkeeper
508-221-1874
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