Simple bookkeeping tips for startup and established businesses alike include planning for substantial expenses in the future, keeping careful track of expenses, ensuring the accurate recording of deposits and saving money to cover taxes at the beginning of the year, notes Entrepreneur. Business owners should also pay close attention to their invoices.
Planning for large future expenses allows business owners to take advantage of sudden business opportunities and have quick and easy access to cash should they need it in the future, notes Entrepreneur. This bookkeeping tip can be put into action by planning for business technology upgrades years in advance and being aware of when business is most likely to start slowing down throughout the year.
Keeping careful track of expenses is a good way for a business owner to take advantage of potential tax write offs in the future, according to Entrepreneur. This can be done by having a credit card that's only used for business purposes, one that puts expenses into specific categories. Using a credit card also keeps receipts from becoming lost.
Recording deposits the right way helps business owner avoid unnecessarily paying taxes on funds that aren't income, notes Entrepreneur. This can be done with a spreadsheet or reputable bookkeeping software.