Track your expenses
The foundation of solid business bookkeeping is effective and accurate expense tracking. It’s a crucial step that allows you to monitor the growth of your business, build financial statements, keep track of deductible expenses, prepare tax returns, and legitimize your filings.
From the start, establish a system for organizing receipts and other important records. This process can be simple and old school (bring on the Filofax), or you can use a service like Shoeboxed. For American store owners, the IRS doesn’t require you to keep receipts for expenses under $75, but it’s a good habit nonetheless.
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