If you haven’t already, you should ensure that your business’s financial transactions are separate from your own. Partnerships, LLCs, and corporations are required by law to do this, but even if you are a sole proprietor, it’s a smart housekeeping step.

You know what you're doing- whether it's interior design, landscaping, programming, product sale or service, that's yQUI area of expertise. That's why you started your own business. You understand your chosen profession and intend to succeed in that field.

It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.

You may be having someone else crunch the numbers, but your own business savvy should extend to a rudimentary understanding of your books. Here’s an overview of the things you should track:

There are two standard methods for recording your financial transactions. The one you use will depend on how detailed a picture you want to generate. 

No matter who is keeping your books, it will be you paying the taxes at year's end. There are a lot of expenses that could reduce your burden - and the list of allowable deductions is always changing. Your bookkeeper can deliver the numbers at tax time, but it's up to you to retain records along the way.

Brian Sutter - June 1, 2019
Cash flow.
Mention those two little words to almost any small business owner, and you’ll see them flinch.
Very few business terms get as cool a response. And sadly, those two little words (both of them four-letter words, interestingly enough), are the #1 reason small businesses fail. They take out more small businesses than any other factor.

82% of small businesses fail due to cash flow problems.

If you haven’t already, you should ensure that your business’s financial transactions are separate from your own. Partnerships, LLCs, and corporations are required by law to do this, but even if you are a sole proprietor, it’s a smart housekeeping step. You can start by opening a business checking and savings account. This is where your business’ income can be deposited, and bills paid, but it’s also where you can put aside a percentage of your income to pay your estimated tax bill. You can also apply for a business credit card or open a line of credit with routine vendors. 

For most companies, bookkeeping isn’t the best part of running a business. In fact, it is often seen as a major downside – it takes a lot of time and effort which could be used to grow the business, or used as some extra free time. And you’re in business to run your business, not to spend long, frustrating hours trying to learn accounting principals and procedures, entering transactions, reconciling accounts and creating financial statements.

Bookkeepers use two accounting methods for tracking funds: cash-based or accrual-based. Here, again, the size of your business may be the determining factor for your choice.