The Do and Don’t of Bookkeeping

For those that are new business owners or considering becoming a business owner, here are 5 DO's and DONT's I've witnessed during my venture:

DO:

-Ensure you have the correct QBO subscription (or any other accounting software) based on your business needs

-Retain all receipts used in the course of your business 

-Establish a business checking account

-Reserve about 30% of your income for taxes

-Consistently communicate with your accountant or bookkeeper

DO NOT:

-Commingle personal funds with business funds

-Link your personal bank account with your accounting software

-Ignore notices sent from federal or state taxing agencies

-Misclassify your workers

-Expect to be successful right away. On average, it takes about 10 years to be an overnight success