Streamline Bookkeeping for your Business

By Tammy Swasey-Ballou | Dec 26, 2012

Here are some helpful tips for streamlining bookkeeping for your business:

  1. Have separate bank accounts for business and personal expenses
  2. Make deposits to business accounts no more than once per week
  3. Pay all bills once a month through Quickbooks so that all of your expenses are categorized automatically
  4. Once a week, record work-related mileage and any other business-related expenses and file for end-of-year
  5. Have a bookkeeper do this for you, or at least look over your work for errors and missing information on a regular basis
  6. Have a bookkeeper reconcile and estimate tax payments
  7. At end of year, have a bookkeeper finalize your accounting and prepare 1099s for subcontractors, when applicable
  8. Submit your books to a CPA to complete taxes

One hint for automatically tracking business expenses is to make all purchases for the business on a debit or credit account that is exclusive to the business. This way, the account can be categorized and directly reconciled through bookkeeping software.

Credit: http://blogs.spjnetwork.org/freelance/tag/bookkeeping/; http://businesscreditcardreviews.wordpress.com/2010/04/20/bookkeeping-and-small-business-credit-cards/; http://smallbusinessowner.wordpress.com/2009/01/19/basics-of-small-business-bookkeeping-and-record-keeping/

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