What’s the Best Way to Keep Track of My Income and Expenses?
February 25, 2008 · Print This Article
Q: I’m a first-time Ebiz owner and am interested in knowing about software or methods that people use to keep track of their finances (for tax purposes). What’s the best way to keep track of my business income and expenses?
A: Everybody is different, so it’s really what works best for you.
Most of the small businesses I work with prefer to use a software program such as QuickBooks or Quicken Home & Business. But I have other clients who prefer to use spreadsheets.
If you’re not a numbers person, and you won’t keep up with or don’t understand how to keep track of your expenses, you may need to hire a bookkeeper.
The most important thing is that you keep good records so that you get all of the deductions you are entitled to at tax time, and so you know where your business stands financially at all times.
Got more tax questions about your home based or online business? Check out ‘Your Top Online Biz Tax Questions Answered’, a new audio/ebook program for online and home based business owners.
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