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Balancing Books, Saving Time  - 
Precision for Your Peace of Mind.
  • Writer's pictureTim Kimble

I only wish I'd have.......

Here are five things a small business owner wishes they had done differently regarding record keeping:

  1. Implemented a Robust System Early On: Invested in comprehensive accounting software or hired a professional bookkeeper from the start to ensure accurate and organized records.

  2. Maintained Consistent Documentation: Regularly documented all transactions, receipts, and invoices promptly instead of allowing paperwork to pile up, which led to confusion and missed entries.

  3. Separated Personal and Business Finances: Kept personal and business finances completely separate to avoid complications during tax season, and to have a clear picture of the business’s financial health.

  4. Regularly Reconciled Accounts: Conducted monthly reconciliations of bank statements, credit card statements, and other financial accounts to catch errors and discrepancies early.

  5. Stayed Informed About Tax Obligations: Stayed up to date with tax laws and requirements to ensure all deductions were claimed and deadlines met, avoiding penalties and interest charges.

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