Tuesday March 1, 2016
First easy change to make that will lower your bookkeeping costs is to separate your business from your personal. Have separate bank accounts and only use your business checking and credit card for business transactions. When you have them mixed, it is hard for the bookkeeper to know if it's personal or business, which requires you to spend time coding or marking up your statements. And if you get behind in keeping track, are you going to be able to remember if it's personal or business months later? So next time take a second and grab the right check book or credit card. Avoid losing business deductions which result in more taxes paid, the frustration it is causing you in solving the mysteries of what is it for, and $1,000 plus in extra bookkeeping costs over the year.