Blog

close up photo of black ant in front of plant

<p>Managing finances is crucial for small businesses. Proper bookkeeping ensures that you keep track of your income and expenses. This helps in making informed decisions and preparing for tax season. Here are the top 7 bookkeeping tips for small businesses.</p><h2>1. Keep Personal and Business Finances Separate</h2><p>Mixing personal and business expenses can create confusion. Open a separate bank account for your business. This will make it easier to track business transactions and prepare financial statements.</p><figure id="figure-dlqpirme5ym1ksvoeu"><img id="dlqpirme5ym1ksvoeu" src="https://images.unsplash.com/photo-1471897488648-5eae4ac6686b?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyM3x8YnVzaW5lc3MtZmluYW5jZXxlbnwwfHx8fDE3Mjc0NDYyMjN8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="business-finance" class="object-cover bg-gray-100 " style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1471897488648-5eae4ac6686b?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyM3x8YnVzaW5lc3MtZmluYW5jZXxlbnwwfHx8fDE3Mjc0NDYyMjN8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h2>3. Track All Expenses</h2><p>Keep a record of all business expenses. This includes receipts, invoices, and bills. Tracking expenses helps in budgeting and identifying areas where you can cut costs. It also makes it easier to claim deductions during tax season.</p><figure id="figure-xvtlp0sr4jm1ksvts7"><img id="xvtlp0sr4jm1ksvts7" src="https://images.unsplash.com/photo-1523264165578-20bfb5da52b5?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxfHx0cmFja2luZy1leHBlbnNlc3xlbnwwfHx8fDE3Mjc0NDYyMzB8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="tracking-expenses" class="object-cover bg-gray-100 " style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1523264165578-20bfb5da52b5?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxfHx0cmFja2luZy1leHBlbnNlc3xlbnwwfHx8fDE3Mjc0NDYyMzB8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h2>5. Set Aside Money for Taxes</h2><p>Taxes can be a significant expense for small businesses. Set aside a portion of your income for taxes. This will prevent any surprises during tax season. Consult with a tax professional to understand your tax obligations.</p><figure id="figure-3omlqvbbq9m1ksvw1s"><img id="3omlqvbbq9m1ksvw1s" src="https://images.unsplash.com/photo-1725801731069-baa524d6bd4c?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyNHx8dGF4LXByZXBhcmF0aW9ufGVufDB8fHx8MTcyNzQ0NjIzM3ww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="tax-preparation" class="object-cover bg-gray-100 " style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1725801731069-baa524d6bd4c?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyNHx8dGF4LXByZXBhcmF0aW9ufGVufDB8fHx8MTcyNzQ0NjIzM3ww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure>

Top 7 Bookkeeping Tips for Small Businesses

PIMA Bookkeeping

Virtual bookkeeping for US small businesses and CPA firms. Services include transaction categorization, bank and credit card reconciliations, financial reporting, accounts payable and receivable management, payroll processing, white-label bookkeeping support for CPA and accounting firms, and catch-up bookkeeping. Fully remote and US-focused. Professional and corporate tone. Primary goal: attract new clients and clearly explain services. Target audiences: SMB owners and CPA/accounting firms. US business address: Chicago, IL.