So, you started your own small business? You had a great idea, and it’s becoming your livelihood. Things are going well so far, but you realize you need help with your accounting and taxes. So where do you go from here?
Below are five accounting tips for new businesses, that will hopefully help!
- Open a separate business checking and savings account immediately after starting a business. This crucial step enables you to keep your small business accounts simple, separate, and straightforward.
- Be sure to use your business debit or credit card for business expenses and your personal card for personal expenses. If you have trouble remembering which card to use, mark the correct card or consider opening a card at a different bank to ensure you won’t have to untangle the mess later. Err on the side of caution if you are unsure!
- Remember, the business card is not your income. As a small business owner who may or may not be taking regular withdrawals to earn a monthly income, it’s easy to think of personal purchases on the business card as your income. Do not make this a habit. The best way to proceed is to make the transfer for the amount you need from your business account to your personal account.
- Go paperless. Every new entrepreneur should consider the benefits of running a paperless office. We can help you with this!
- Embrace electronic payments and online invoicing for your small business accounting. Bill payment can be simplified with automatic debit, and it saves business owners time and relieves them of having to remember to pay bills.
Last, but not least, don’t be afraid to ask for help! Quick access to a team of financial experts can make all the difference when you’re starting a business. Don’t wait until tax time or a legal debacle to start making connections with accounting professionals, such as Goldin Group CPAs. We will help ensure that you remain in compliance with federal and state tax laws.
If you need help managing any aspect of your business’s or nonprofit’s finances, we want to hear from you. Call us at (301) 913-0008 or email firstname.lastname@example.org to make an appointment.