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Record Keeping

03 Jun 2020 6:02 PM | Cordina Charvis (Administrator)

Bookkeeping is the day-to-day process of recording transactions, categorizing them, and reconciling bank statements. Good record keeping will help you to account for your business expenses when filing your taxes. It will let you know when you are making or losing money, and how much money your business is making or losing.

Being organized will also let you know if your business is on good financial ground. You should always use a budget to control expenditures. Keep your cancelled checks; you will need them to support your debt write-off. Open a separate bank account for your business to keep your personal expenses separate from your business expenses.

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