1. Keep personal and business expenses separate
Once you upgrade to an LLC (Limited Liability Company), you'll have to keep your personal expenses separate from your business expenses. Many sole proprietors choose to register as an LLC as this protects your personal assets if someone opens a claim against your company.
2. Automate your invoices to simplify your bookkeeping
3. Track and file all business expenses right away
It's good practice to keep hold of the paper receipts for auditing purposes but try to adopt a "touch it once" method. For example, take a photo, upload it, and file the receipt away as soon as you get a receipt. Dext and Hubdoc are classic tools for QuickBooks and Xero.
4. Use one payment gateway
Instead, consider switching to an all-in-one payment gateway, collecting all deposits through one channel. Then, when it comes time to reconcile your deposits, you'll save a notable amount of time!
5. Keep your website up to date
A headless CMS also makes it easier to update or add new products, helping you reach your customers quickly and hopefully increasing sales!
Wrapping it up
Learn more about accounting software by choosing one of K2’s accounting software CPE courses, including the topics of accounting software, QuickBooks Online or desktop, small business accounting add-ons or in one of our Technology Conferences.