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Top 5 Tips for New Business Owners

Updated: May 5, 2021

1. Open a separate bank account for your business to avoid commingling business and personal money

  • Commingling funds could potentially pierce the veil of liability of your business entity

  • This could potentially leave you open to personal liability if you are ever taken to court

2. Know what your tax filing status is for your business and what the requirements are

  • Are you a single-member LLC? S-Corp?

  • Every entity has its own set of rules, requirements and tax deadlines

3. Keep your receipts!

  • The IRS requires a receipt for all business expenses over $75

  • It is good practice to keep all receipts in the event you are ever audited

4. Establish a bookkeeping process early on to help with tracking income and expenses

  • Whether you use an accounting software, an Excel spreadsheet or paper and pencil, make sure you regularly review your income and expenses

  • Don’t forget to reconcile your bookkeeping against your bank statements

5. Revisit your bookkeeping process periodically to see if adjustments need to be made

  • Should you consider hiring a bookkeeper?

  • Have you consulted with a tax professional?

  • What accounting software or payment processor is best for your business?

  • These are the types of questions asked when reviewing your bookkeeping process

Ready to take control of your finances? Get started today so that you are intentionally and strategically investing in the growth and success of your business and your personal financial health. You can set up a free consultation to get to know me HERE.


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