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5 Accounting and Bookeeping Strategies for Business Owners to Help Keep the IRS of your Back and Grow your Business
1st Tip: Keep your personal expenses separate from your business
2nd Tip: Stay consistent when it comes to reconciling your bank statements
3rd Tip: Stay Organized
Here are some of the things related to bookkeeping you’ll need to keep organized:
- Any receipts related to your business.
- Saving and keeping all documentation including tax forms related to your business
- Keep track of your mileage
4th Tip: Know what’s deductible and what’s not
What bookkeeping tips would you add under this subject? Let us know in the comment section.
5th Tip: Anticipate major expenses
6th Tip: Decide which bookkeeping/accounting method to use
7th Tip: Don’t pay cash for everything
Bonus Bookkeeping Tips
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Monitor your accounts receivable – If your customers are not paying you on time or at all, your business’s financial health will suffer.
It’s important that you stay on top of these customers to make sure they’re notified right away when they’ve missed the due date.
As a new business owner, to avoid this, depending on the type of business you run, you may have to require a deposit upfront or some sort of payment plan.
This will ensure that you’ll have money coming in.
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