Running a business, no matter the size, is unimaginable without a solid bookkeeping system because apart from fulfilling tax requirements, it gives you a concrete idea on your company’s financial viability. But what does it take to keep your books accurate and reliable?
This first of the small business bookkeeping tips is something many small business owners don’t do, but should.
All new business owners should make it a priority to open a new bank account for their business, preferably an account with online access, to keep business funds separate from personal funds.
Processing transactions for your personal expenses within the bookkeeping of your business is an inefficient use of time.
It’s even worse if you are outsourcing and paying a bookkeeper to process your accounts with these personal expenses mixed in…