How Do You Set Up Simple Bookkeeping For A Very Small Business?
If you start a small business or start work as a “contractor” by doing paid work for a business, you’ll need to keep an accurate record of income and expenses for tax purposes. It isn’t as difficult as you might think. As your business grows, you’ll need to advance to a more formal system, but this article will get you started in the right direction. The very first thing you should do is obtain a business license, which you will need in order to open a business bank account. Keeping your business funds separate from the personal ones is essential. You will undoubtedly need to use personal funds as seed money to fund the business bank account, but you still need to open the business account. Shop around with some of the smaller banks and credit unions for the best business account rates. Many of the larger banks charge high maintenance fees! The next thing you need to do is get your hands on a Schedule C. You can use this to see what expense categories you might be using. You can downlo
