Tips from TAP: Five tips for small business bookkeeping

  1. Plan for Major Expenses. Think one to five years ahead?
  2. Track Your Expenses. Missing receipts, missing tax write-offs. Business credit cards can be handy tools to make sure all expenses are tracked.
  3. Record Deposits Correctly. Deposits may be sales revenue, loan or owner investments. Ensure you can account for where they come from otherwise they will be taxed as Income.
  4. Set Aside Money for Taxes. You know that you’re going to have to pay taxes and you know when. Set money aside for it.
  5. Keep an Eye on Your Invoices. Late and unpaid bills can hurt your cash flow.
    Remember, every late payment is an interest-free loan that hurts your cash flow.

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