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 One of the most important business skills every entrepreneur needs is bookkeeping. Simply stated, there are two parts to keeping track of money. First, file all receipts. An envelope marked “May 2010 Receipts” is good enough. When the month is over, put it in a file or larger envelope, and make a new one. Second, keep a record. An auditor does not want to go through all of your envelopes any more than you do!
This is where accounting software, such as QuickBooks, comes in. Record every expense, every check written, every credit card charge, and every income received. This not only keeps you legal, but gives you a long-term picture of how your business is doing. For some basic accounting advice, try Bookkeeping How-To. |
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