No matter the size of your business, it’s imperative that it has a strong grasp of bookkeeping. Bookkeeping, of course, is the practice of recording all of the financial transactions that take place within a company. We’re talking about all purchases, sales, receipts, payments and any other transaction that could be considered either an earning or an expense for the business.

Naturally, there are many benefits to having a solid bookkeeping system. Not only does it give you a clear and honest perspective of your company’s financial viability, it also gets you well prepared for tax season. As you know, it’s tax season right now! Here’s hoping you’ve been able to practice some good bookkeeping techniques in order to adequately prepare your tax accountant.

Here are five top bookkeeping tips for small business owners:

1. Separate your personal finances from your business finances.

It should go without saying, but be sure to separate your personal and business finances. It all starts with your bank accounts. You should already have a business account that’s separate from your personal bank account. This includes having two different bank cards which should be used appropriately. All business expenses go on one card while the … Read the rest