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Being a small business owner or entrepreneur can be overwhelming at times! With so many tasks to tackle, falling behind on office work is inevitable. You're not alone! Many of our clients come to us a few months behind on their books. Today we're revealing a few simple ways you can get-up-to-date on your bookkeeping.
Start by Organizing Your Financial Records
The first step to catching up on your bookkeeping is to get organized! You'll want to start compiling and organizing invoices you sent to customers, receipts, bank and credit card statements where you made purchases that are business expenses. Now is also an excellent time to review any outstanding invoices and collect on that debt.
Separate Personal and Business Expenses
We always advise our clients to keep their personal and business expenses separate. Co-mingling business and personal expenses may result in you being held personally liable for your business's debt and financial standing. As your organizing, be sure to separate your expenses.
Next, you can log in to your accounting software and reconcile these expenses with your bank statements. This is one of the most crucial steps in preparing for tax filing next year, so be sure to take care when matching records.
Want to stress-less and be sure you don't fall behind on your bookkeeping again? Feel free to reach out to us at firstname.lastname@example.org and let us handle your books.