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Small business bookkeeping 1014/6/2024 But the most important thing to consider here is your mindset. Obviously, there are simple checks in place, like establishing a company bank account. If left unchecked, this can quickly lead to discrepancies that start to wear away at a company. But if you’re handling hard cash yourself, it can be all too easy to start occasionally treating it as your own money. Business owners use a business account to keep their company money separate from their personal cash. Just because it’s the money your own business has made, that doesn’t mean you should treat it as a personal bank account.Īt the same time, plowing your personal finances in to make up for any shortfall in the small business accounting cost can have disastrous consequences. Obviously, it’s easy for a business to collapse if its owner starts treating the company pot as their own wallet. As a quick wiki search shows, even some of the biggest businesses have collapsed over this problem. One of the biggest mistakes you can make as a small business owner is allowing the line between personal and business to blur. Keep Your Business and Personal Accounts Separate Without a solid set of records, any mistake will go unnoticed, and you’ll be relying on memory alone to track down the error. It’s also worth mentioning that, even if you have casual agreements with clients and suppliers, they still need to be recorded.
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