I’ve compiled three tips for business owners when it comes to bookkeeping. They’re listed below and remember – no one cares as much about your money than you do, so don’t assume bookkeepers and CPAs have it handled. Check their work and then check again.
#1. Track your expenses monthly. Sit down and really take the time to identify where any overspending is occurring and how next month can be better.
#2. Pay your invoices on time. Seems simple but I have to stress it. Not only can late paid invoices cause you to absorb tremendous late fees, this act will lower your D&B number. You want to be paid on time and so do other business owners.
#3. Make sure you know what and when taxes to the IRS are due. I’m serious. Most business owners aren’t aware of the specific and different deadlines required by the IRS for business taxes. If you don’t know, find out.