Business Tip: Remove Frustration from Financial Record Keeping

By Christanne Wright

Whether you are starting a new business or running one for a few years, what is one thing that frustrates most of us? Maintaining your financial records!

Here are a few tips to make things a little easier:

  1. Open a separate business bank account. This would seem to be the normal step for a business owner, but most feel that until they earn “big” money they don’t need to. If you are in business, then setup the right supporting tools.
  2. Setup bookkeeping system. Most don’t like to keep track of their transactions, however doing so will help you assess how your business is doing financially. There are free apps like Wave to get you started.
  3. Maintain records. It pays to keep your receipts, invoices, bills so as to obtain and support the tax deductions on your tax return. You don’t want an IRS audit that rejects your deductions because you don’t have records of them. A cloud system allows for you to get rid of the paper.
  4. Have a schedule. Do your recordkeeping every day, week or month on time. Having a schedule will allow you to not misplace receipts or wait too long and now it’s faded. It will also keep you from being overwhelmed.

These are just a few items that will make your job as an entrepreneur easier. 

Christanne Wright is Founder and CEO of Your Wright Resource LLC. For more details and/or to schedule a free consultation, visit https://yourwrightresource.com/ or contact her firm at (888) 788-8610 or info@yourwrightresource.com

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