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Enjoy Greater Profits From Your Side Business With These Record Keeping Tips

small business Oct 09, 2020


The owners of failed businesses often have something in common. Their mutual struggle lies in the fact that they aren’t sure how to handle the bookkeeping aspect of owning a business.


It’s not the most enjoyable part of owning a business, but money was probably why you started the business in the first place! Dealing with everyday accounting tasks can be pivotal to the survival of a small business.


These bookkeeping tips will help to ensure your business stays in the black:


  • It’s crucial to have an actual record-keeping system in place. A shoebox-approach won’t work for long.


  • Be prompt when invoicing customers. Most people sit on bills as long as they can before paying. Let them start sitting on your invoice sooner rather than later. Get invoices to your customers as soon as possible.


  • Deposit checks on a weekly basis, if not more frequently. Checks that are stuck in a drawer get lost. Also, you want to cash...
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