Bookkeeping: What Should I Be Keeping Track Of?
As a small business owner, should you be keeping records or copies of: Receipts? Bank statements? Everything?Nothing? The answer is: all of the above. You should be keeping any receipts, copies of your bank and credit card statements, and any information that will be used to prepare your tax returns. What is Bookkeeping? Bookkeeping is the keeping of a business’s financial records. It involves keeping track of your income, expenses, receipts, and balances in all of your accounts. When we advise clients to follow proper bookkeeping procedure, they often ask: What is the easiest way to keep track of things?Do…