Business 101: Do you have Bookkeeping Nightmares ?

Do you feel lost in the sea of financial terms or business lingo? Have you taken the time to learn your own business books, before turning them over to a bookkeeping service? Read on for some basics that every business owner should know. 

Some basics that every business owner should know:

1. Take the time to learn your own business books before turning over to a bookkeeping service. Remember, what you don't know, CAN hurt you! Better to invest in some training before your business gets too large and you hand bookkeeping to someone else.
2. Keep your personal finances separate from business finances. This is easily done by having a personal bank account and a business bank account; a personal credit card and a business credit card. If you don't have this setup, do it as soon as possible and your tax professional and any future bookkeeper will love you!
3. At a minimum, set aside a time each week for taking care of your business accounting. This is better done at the end of each day to keep ahead of busy periods and aids in remembering how to use the training you invested in to learn how your own books function. 
4. Utilize FREE educational resources for business owners: 
   1. ​Locate a Small Business Administration near you at: SBA
   2. Does your local library provide resources like https://www.lynda.com/ for free?
   3. Check out GrowthWheel® through your Small Business Development Center. 
   4. Get a  business mentor through https://www.score.org/

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If you're a business owner that has a basic understanding of your books and are looking to stop being a bookkeeper and go back to what made you get into business in the first place, contact me! cmweaver [at] cwbookkeepingservice [dot] com or 865-951-7407.