By: Palm Beach State College Small Business Development Center
BOCA RATON — Eileen P. Gunn of Entrepreneur.com shares bookkeeping tips that will help you set goals, plan for the future, and stay out of trouble.
Plan for major expenses. You’re less likely to miss business opportunities or have to scramble for a loan when the expenses become unavoidable
Track expenses. A credit card that you use solely for business can be a basic accounting system.
Record deposits correctly. Adopt a system for keeping your financial activities straight, whether it’s a notebook you use consistently, an Excel spreadsheet or software such as Quickbooks.
Set aside money for paying taxes. Systematically put a portion of money aside throughout the year for taxes. Then note tax deadlines on your calendar. The IRS can levy penalties and interest for not filing quarterly tax returns on time.
Keep a close eye on your invoices. Late and unpaid bills hurt your cash flow. Assign someone in your organizations to track your billing.
For more on this topic, or for free counseling with certified business analysts, including accounting specialists, contact the SBDC at 561-862-4726 or email us at sbdc@palmbeachstate.edu .