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.