Tips from TAP: Five tips for small business bookkeeping
- Plan for Major Expenses. Think one to five years ahead?
- Track Your Expenses. Missing receipts, missing tax write-offs. Business credit cards can be handy tools to make sure all expenses are tracked.
- 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.
- 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.
- 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.