![]() ![]() For example, apps like Mile IQ will track mileage and sync with payroll for mileage reimbursement. Tracking apps are one of the first places to start when going paperless with your tracking. That’s why we recommend going digital as much as you can for your financial tracking in your business. Paper can pile up when you are running a business. It’s up to you to monitor the expenses and decide how they align with the big picture for your business growth. While your bookkeeper is keeping an eye on your expenses, ultimately they don’t know what expenses you want to ditch or keep. If you can plan you cash flow, you can set aside money for these times with expenses spike and thus you won’t “feel” the hit to your cash flow. You will want to be aware of these expense trends as you are monitoring your expenses. Some of your expenses are going to be annual or quarterly. ![]() If you are using Quickbooks it’s a simple report to review your expenses and what income came in that week. A simple glance of where your money went each week can put you to ease and help you mitigate financial stress down the road. There is nothing like putting off looking at your cash flow to only realized that recurring membership cancellation didn’t go through or you were overcharged on a purchase. Bookkeeping Tip #2: Weekly Expense Review If you make a mistake, send an email to your bookkeeper so they can be sure to update your books for you. Use a business credit card for all of your business transactions. A business credit card will also allow you to establish a credit score for your business should you need this in the future for borrowing power.Īction Item: Keep a seperate account for business checking and savings. Your business banking and credit card accounts will be attached to your Federal EIN number instead of your personal SS#, this is one of the ways you are separating out the finances and being clear with the IRS that you have a business and not a hobby. This also puts you at risk if you are ever audited by the IRS. But those who make a habit of mixing business and personal expenses make their bookkeeping even harder. How many times have you gone to pay for something in your business and pulled out your personal credit card instead? Or have you paid for a personal expense from your business account? It happens to every business from time to time. Let’s make bookkeeping easy! We’ve compiled our top 10 small business bookkeeping tips along with action items to make bookkeeping beneficial for your business growth. Bookkeeping is often seen as reflecting on the past BUT it can have a huge influence on the business decisions you make moving forward. As a business owner and entrepreneur, you like to think forward, planning and implementing change in real time. Of all the things you have to do to run your business, bookkeeping often ends up at the bottom of the list. ![]()
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