Simple Bookkeeping for Small Business Owners

Good records make tax time easier, help you see whether your business is making money, and protect you if questions ever come up. Most small businesses can keep things simple.

Keep business and personal money apart.

Use a separate bank account and card for the business. It makes your records far clearer.

Pick one place for your records.

That can be a bookkeeping app, a spreadsheet or a folder system. What matters is using it every week.

Set a weekly 20-minute habit.

Record what came in, what went out, and save receipts. Small, regular check-ins beat a stressful scramble at year end.

Know what to keep.

Save receipts, invoices, bank statements and mileage notes. Ask a tax professional how long to keep them for your situation.

Know when to get help.

If your business grows, you hire people, or the records start to feel overwhelming, a bookkeeper or accountant is usually worth the cost.

This article is general information, not tax or accounting advice. Please speak with a qualified professional about your situation.

Find help in our directory: Bookkeeping & Accounting and Tax Preparation, under Business Owners & Entrepreneurs.