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Business Operations
Bookkeeping Best Practices
Essential bookkeeping tips to keep your business finances organized and accurate.
Daily Habits
- Record all transactions immediately
- Save and organize receipts digitally
- Separate business and personal expenses
- Reconcile cash and card transactions
- Track mileage for business travel
Weekly Tasks
- Review accounts receivable
- Process vendor bills
- Update inventory records
- Review bank feeds in accounting software
- Categorize all transactions
Monthly Responsibilities
- Reconcile all bank and credit card accounts
- Review profit & loss statement
- Check accounts receivable aging
- Prepare and send invoices
- Pay bills and manage cash flow
- Review budget vs. actual
Best Practices
- Use accounting software (QuickBooks, Xero, etc.)
- Maintain a chart of accounts
- Keep business and personal finances separate
- Back up financial data regularly
- Work with a professional accountant
- Stay current on tax laws and requirements
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