Five Bookkeeping Tips to Save You Money

Every business is trying to save money. It is part of being a successful business owner, but letting your bookkeeping go is one area that you can’t afford to have as a stumbling block. There are five ways that you can let your bookkeeping strategies help you put money in the bank.
First, it may sound strange to counsel that you hire a bookkeeping specialist, but most businesses find that if bills and employees are paid on time, the company will thrive. You should consider hiring a bookkeeping service or employee as an investment to keep your business organized.
Second, make copies of everything. When you have your bookkeeping expert make copies of everything, you protect yourself and your interests. You will be able to prove any bills that come through your company. If an issue should ever go to court, you will be ready.
Third, you should always separate your business accounts from your personal accounts. Never take money from your business to pay personal bills. You should even have separate bank accounts and credit cards. Again, it will only protect you to keep the accounts separate.
Fourth, don’t use cash. It can be very hard to keep track of cash transactions. When you use your credit or debit card you have a virtual copy of the money you spent. It will make it easier for write-offs when tax time rolls around.
Finally, track your mileage. Have your bookkeeping expert log in all of mileage so that you can use it as a tax deduction. Whenever you drive somewhere that is related to your business you can use that mileage as a credit on your taxes. If you don’t like the idea of tracking every single mile, you can get an app or a satellite-assisted program to help you keep track of all those miles.

Karla Dennis

As seen in Forbes Magazine, Karla Dennis is an expert tax and business strategist. As an enrolled agent, Karla is licensed to represent taxpayers in all 50 states. She holds a Masters in Taxation and Business Development and is the author of two books, Tax Storm and Against the Odds.

Karla, CEO of consultancy firm Karla Dennis And Associates, Inc.™, has saved her clients thousands of dollars and has been featured in various media outlets such as Forbes, MSNBC, KTLA, Yahoo! Finance, and SmartMoney, marking her as the ultimate tax expert.

As of 2014, Karla became the new host on the “Mind Your Business” radio show, KTLK AM 1150, sharing her financial and business knowledge with the greater Orange County and Los Angeles areas. As a supporter of women’s rights and issues, Karla is part of the Women Network, an organization built to educate and mentor women. In addition, Karla is the radio host for Women Network Radio, a show that aims to uplift and empower women of all walks of life.