January marks the perfect time for small businesses to take control of bookkeeping and budgets. If put just a few systems in place now, you will find it easier to keep track of finances in the future.
Track Expenses. You don’t want to lose out on write-offs. As you get receipts for business expenses, write down on the back what the receipt is for, ie. networking meal, office supplies, etc. and then log into a computer program such as QuickBooks or Excel. Also, keep track of mileage with a mileage log.
Plan for major expenses. This will help you from overspending. Budget the money you will need for office upgrades, conferences, etc.
Pay Taxes. Note tax deadlines and plan ahead so you have the appropriate funds when it is time to pay your quarterly taxes.