Two Tips to Stay on Top of your Small Business Accounting

If you are a small business owner and do your own accounting, you have surely experienced a great deal of learning along the way. Accounting can be very frustrating, and keeping up with tax codes and other changing facets of the economic landscape often prove too great a hassle for many do-it-yourself accountants. But if you are determined to learn every aspect of your business, then that means accounting too, so pay attention to the following tips. These are just little common sense items that can keep you from falling into some of the more typical economic pitfalls of a small business.

• Be sure to separate your bank account from that of your business. Your personal receipts should not be mixed with your business receipts and vice versa. You should have a checking account for your business from which to write expense checks.

• Keep track of cash receipts and deposit slips. Deposit money and receipts in a timely manner. This prevents any funds from getting lost or stolen. Petty cash should be the place to turn to for any needed currency. This keeps your accounted simple and all money accounted for.

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