Bookkeeping Tips For Startups And Small Businesses

Separating personal and business finances, performing regular financial checkups, and keeping records of expenses; these are some of the responsibilities of a bookkeeper to make sure the money in a business is well regulated. Big companies have less problems handling tasks like these because they can hire people to do the job for them however for SMEs or freelancers, it can be challenging. With limited resources and limited time to track all of these tasks, while performing all the other duties the business needs, you might fall behind with your bookkeeping tasks. It might help to learn two or three tips to help you out, whether you love it or hate it, bookkeeping is essential to the success of a small business. 


Some things are just better separated. In running a business, personal money should be strictly kept away from business (and vice versa). Why? Because businesses’ income and expenses get easily mixed up and that could cause you a lot of trouble. There can be problems with your taxes, your balance sheet, your profit, and if someone is auditing your company, financial transactions all need to be clear and transparent. 

You could get a business credit card so all payments received will be directly taken from your business bank account moreover, your expenses could be traced easier with records provided by the bank, or card company. 


Make good use of technology and adapt it to your advantage. There are accounting softwares like Freshbooks that offers easy to create invoices and are user-friendly applications for beginners. The bottomline is that this technology helps you track each of your project’s profitability and manage your expenses.


Running a business requires a lot of effort to track expenses and income however you should also not forget to track your taxes. Avoid getting fines for paying late by having a calendar tracker to keep you updated of your appointments and responsibilities. 

These are only a few tips on bookkeeping that could help SMEs stay on top of their game. Having said all this, it is still advisable to seek a professional bookkeeper or accountant for help when needed.

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