4 Finance and Accounting Tips for Small Businesses

  1. Find the best software – Quickbooks Desktop should work for most small business owners who spend most of their day behind a desk. However, there are some other great solutions for business owners that are on the road. An affordable solution is Xero, and if you primarily tend to use your iPad then Easy Books might be your best bet.
  2. Organize your receipts – It’s important that you have your receipts in one location and preferably one that is easy to find. A binder or folder would suffice, as long as you are able to easily find it. It may also make sense to spend a little bit of the extra time to make scanned copies of your receipts and store them on a cloud server or in your email. This will keep you assured that in case an emergency happens you will always have a backup of your receipts.
  3. Manage your books consistently – Don’t wait until tax day comes to have everything in order. Keep your books organized so you can both easily share all of the necessary documents with the IRS when you file for taxes and so you can easily pay off debts without having to scramble through loose papers.
  4. Separate personal and business income – Dividing these two worlds is important because your business will be more credible and you will have less personal liability if unfortunate circumstances arise. For LLCs your expenses and income need to be in a separate bank account. However, if you are running a sole proprietorship you do not need to have a separate bank account but it is a good idea to have an easy way of separating your personal and business finances.

Mikella CPA
Phone: (512) 779-7747
Fax: (512) 276-6610
Like us on Facebook
Follow us on Twitter @
Plus us on Google+