8 Good Bookkeeping Practices!
1. Open a specified business checking account
2. Do not share funds. Spending from the business account should be for business purposes and expenses only. Never deposit directly into your personal bank accounts.
3. Hold on to ALL your receipts!
4. Submit the receipts for reimbursement so the company will have a record of the expense if you must make purchases from a personal fund.
5. Be aware of the state and federal rules of your business’s entity type 0 sole proprietor, S-Corp, C-Corp, or LLC
6. When contemplating adding another employee, verify and understand the TRUE cost of the employee and your obligations for timely tax remittals as the employer.
7. Employee taxes are not your money
8. Sales tax funds should never be combined or incorporated into your operating capital or counted on for operating. This is not your money.
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