5 Bookkeeping Tips Every Business Should Follow

  1. Keep track of all business receipts (so no receipt is missed ) receipts from your bank and others.

  2. Separate business from personal - keep personal transactions separate from business by setting up bank accounts for your business transactions. (setting up business credit cards is only recommended if the business will pay off those credit cards every month.

  3. Reconcile business account(s) monthly - reconcile the transactions on your bank statement with the transactions in your accounting software.

  4. Create a financial road map for success (a.k.a create a budget). Once you have reviewed your financial reports, look for trends. Use the information to make forecasts for the year ahead.

  5. Update your audit file annually - You may have a bookkeeper or accountant that keeps important financial documents for the business all together in a single, easy to find file. But do not assume this to be the case. Ensure this is being done or create one yourself. Doing so helps to provide at least some relief from the stress of an audit.