One of the best things about having your own business is the extra cash flow but it can be easy to lose track where is coming and going.
If you are using methods like Apple Pay, Cash App or cash for transactions, it may be a good idea to sign up for some type payment platform like Stripe, PayPal Business, Vistaprint, Square or Shopify to make keeping record of your clients easy. They all keep track of clients name, email and order history, which can help improve decisions made about marketing and customer experience.
Bookkeeping is more than just keeping track of your clients payments. Think of what you spend on raw materials, marketing or business development. Maybe you had to pay someone to complete a specific, business related task or had to fill your gas tank up to meet a clients needs. All of these things need to be accounted for and doing so will help tremendously as you scale up. For more information on bookkeeping, click here!
You could consider an account with Quickbooks, Freshbooks or Xero to keep track of invoices, payments, business transactions, car mileage and more all in one app. Quickbooks is connected to TurboTax, making easy to use the data you collect on yearly taxes. In the app, you have the ability to put in past transactions as well, just incase you sign up in the middle of the year.
Additionally; it’s important to do extra research and/or talk to a registered CPA like Mr. Curt Mencer, when it comes time to do your businesses taxes. They often are up to date on laws and regulations that could greatly effect your industry and are worth the financial investment.