Accounting tips for small businesses
Accounting is one of the necessary tasks of any successful business, however monotonous it may be. Properly managing your business accounts helps you make sure you’re not losing unnecessary money, that your employees are getting paid, taxes are being filed, and more.
To keep your business out of the weeds and positioned for success, and to keep the seemingly endless amount of paperwork at bay, here are some tips to help you tackle your accounting and get back to running your business.
Separate your business and personal finances
It’s a good idea to have a separate bank account for your business, with its own credit/debit card to be used only for making purchases related to your business. However, you may be tempted to use the cards interchangeably to spare yourself extra time and effort.
Using your personal credit card on that new piece of equipment might rack up your rewards points, and using the company card for lunch might just be easier, but it’s important to separate your business and personal finances.
Separated finances make it easier to track expenses, and will help you to maintain an accurate budget. Unless your expenses are clear cut and consistent, you can’t effectively grow your business budget..
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