5 Must Know Bookkeeping Tips for Businesses

Written By Jessica Jones

Bookkeeping is essential

Bookkeeping is an essential part of running a business, but it can be overwhelming for new business owners. Here are five must-know bookkeeping tips to help you keep your finances in order and your business running smoothly.

#1 Keep track of your expenses

One of the most important things you can do for your business is to keep track of all your expenses. This includes things like rent, utilities, office supplies, and any other expenses you incur while running your business. Keeping track of your expenses will help you stay on top of your cash flow and budget, and will also be essential when it comes time to file your taxes.

#2 Make a list of your bills and when they are due

Another important aspect of bookkeeping is keeping track of when your bills are due. This includes things like rent, utilities, and any recurring payments you make for services or products. By keeping a list of when your bills are due, you can ensure that you always have the funds on hand to pay them on time.

#3 Create a system to track sales and income

Create a system for tracking your sales and income: Keeping track of your sales and income is crucial to understanding the financial health of your business. Having a system in place to track your sales and income will allow you to see how much revenue you are generating, and will also help you identify areas where you can improve your sales.

#4 Have separate accounts for personal and business transactions

This is essential for keeping your personal and business finances separate. When you have a separate bank account for your business transactions, it makes it much easier to track your expenses and income, and will also make it easier to file your taxes.

#5 Set aside money each month for taxes

One of the most important things you can do as a business owner is to set aside money each month for taxes. This will help you avoid any surprises when it comes time to file your taxes, and will also help you budget for the future.

Sum it up!

By following these five bookkeeping tips, you can keep your finances in order and your business running smoothly. Remember to keep detailed records, stay organized, and always have a system in place to track your expenses, income, and bills.

Jessica Jones

Hi, my name is Jessica Jones and I am a ProAdvisor Bookkeeper in Denham Springs, LA. Although I live in Louisiana, with cloud technology, I work with clients all over the country. I handle the bookkeeping for business owners so they can concentrate their focus on growing their business instead of being bogged down in the books.

In my early career I realized that I enjoyed tracking, organizing, reporting, and analyzing numbers. Now I am lucky enough to work with business owners and find it fulfilling to be apart of their growth and success. I streamline bookkeeping and help businesses make more profit and help ensure they do not overpay in taxes.

I was born in Arkansas, however I have moved around both the country and the world my entire life due to constant family moves when I was younger and later being a military spouse. Once my husband retired from the military after a little over 20 years of service we, along with our 3 children, settled down in Denham Springs, LA which is where my husband is originally from.

https://AliasBookkeeping.com
Previous

3 Bookkeeping Tips for Business Startups
Next

Bookkeeping Tips for the Self-Employed