Choose a bookkeeping method
Open a dedicated business bank account
Separate personal and business finances
Set up a chart of accounts
Record all income
Record all expenses
Keep receipts and supporting documents
Categorize transactions correctly
Reconcile bank and credit card statements
Track accounts receivable
Track accounts payable
Record payroll and contractor payments
Record inventory if applicable
Record loans and debt payments
Review cash flow regularly
Generate financial reports
Back up records securely
Keep books updated consistently
Prepare for tax filing
Review books for errors regularly