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You are here: Home / Business / Bookkeeping Tips / 7 Startup Bookkeeping Tips You Need to Know

7 Startup Bookkeeping Tips You Need to Know

July 15, 2020 By Sabrina Quairoli Visit our "Disclosure Policy and Cookies" Page. Our blog earns income from ads. This post may contain affiliate links. As an Amazon Associate, I earn from qualifying purchases.

7 Small Business Bookkeeping Tips Every Owner Should Know

When starting a small business, there are a lot of details that need to be done. Bookkeeping is an essential part of small business tasks during the day. I know it’s not glamorous. It’s not even fun to do. But, to save you money and stress during tax time, getting your small business bookkeeping in order will significantly reduce both of these things. Below we are sharing seven startup bookkeeping tips every owner should know right from the beginning. Follow along and take notes.

Seven small business bookkeeping tips you need to do to get your business off on the right foot.

Keep business account separate from your personal account. By doing this, from the beginning, you will have all your transactions separate from any business accounts. If you haven’t done this yet and started your business already, create separate account names or categories under the parent account name like, “Business”, in your accounting software. Then, create additional subcategories/subaccounts under the main account name.

Pick a bank you like, not just because it is close to your home. Just because it is close to your home or office, doesn’t mean you need to use them. Ask about their business services and determine if what they offer will work for you. If you have a personal account at the bank, ask them about the business account and how the online mobile banking works with your personal login.

Create a bookkeeping routine each week to do deposits and other bookkeeping tasks. Keeping your online bank register and accounts updated regularly will allow you to see where the money is going. Skipping a week may be an issue especially if you have several transactions throughout the month.

Know your business expense deductions. Below is a list of home office deductions that will help you. Read more for details and learn how to make a tax return deduction organizer.

A Complete list of home office deductions

Visit the IRS’s website about Deducting Business Expenses for other deductions details about U.S. Business deductions.

Find an accountant that you trust. Visit this article I found on the New York Times online: How to Find the Best C.P.A. or Tax Accountant Near You

Find a payroll service company that is organized and responsive to your and your business. Visit our post about how to pick a payroll service for more details.

Create the right categories for your particular business. Feel free to visit the basic list of accounts (categories) you can use in your bookkeeping management app or spreadsheet by clicking on the image below.

Accounts to use for your small business bookkeeping infographic free download

Feel free to share this image with your other small business startups!

7 Small Business Startup Bookkeeping Tips

I hope these startup small business bookkeeping tips help you get your business organized and ready to serve the public.

If you want more additional information and tips, feel free to visit these posts I found online below.

12 Small Business Bookkeeping Tips

Top 25 Bookkeeping Tips From the Pros

Do you have any startup bookkeeping tips you want to share? Feel free to add them to the comments section below. We would love to hear from you.

7 Small Business Bookkeeping Tips Every Owner Should Know
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Filed Under: Bookkeeping Tips, Business Tagged With: start up bookkeeping tips, start up solopreneurs

About Sabrina Quairoli

I love to help small business owners make their work and home life more organized and effective to speed up actions and minimize costs. I own and write for Sabrina's Admin Services and Sabrina's Organizing Blogs.

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