The first step to organizing your business’ financial life is to separate business and personal funds. If you don’t have a separate checking account for your business, get one! As you spend money, use your business account on business related purchases only. Don’t co-mingle business & personal money.
Mark your receipts with the name of the project (if you are billing your customer/client) or the expense category.
Set up habits & routines for managing receipts & bookkeeping tasks. For example, every Friday I reconcile my receipts & accounts as I track client hours and invoices. It’s quick & easy to review one week’s worth of appointments, receipts and expenses… but if you let it pile up, it becomes a monster task – very overwhelming!
We recommend Quickbooks Online for most of our small business clients. It’s easy to customize & use and saves you money paying a bookkeeper.
