Do you comingle your personal and business money?
When was the last time you balanced your books to make sure everything is in good shape?
Business owners start businesses so they can be their own boss and do what they love, not for the tedium of detailed bookkeeping. But as Rieva Lesonsky, CEO of GrowBiz Media, explains in AllBusiness.com, bookkeeping is a requirement.
She offers nine tips for small businesses to keep up with their accounting duties. Automation, like software to reconcile spreadsheets and to monitor and record your employees’ hours, can make the task easier, more effective and less time consuming.
She also recommends doing a weekly and a quarterly checkup of your finances. It may take more time, but could save you a lot of headaches later on.
Keeping your business finances separate, tracking and documenting your expenses, and making sure you’re putting money aside to meet your tax obligations are all good ways to keep things running smoothly.
“By following these bookkeeping tips for small businesses, you’ll boost your chances of enjoying financial success,” Lesonsky writes.