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It’s almost April 15! What does that mean? It means that this is the final day Americans have to file their taxes for 2017! Are you ready?

1. Learn the basics of bookkeeping
2. Establish a petty cash fund. This is a great tip to avoid issues with minor and unexpected expenses
3. Keep it simple. Make your record keeping methods as simple as you can
4. Use two methods both paper and electronic bookkeeping
5. Prepare and monitor budgets and profits
6. Prepare and review monthly bank reconciliations.
7. Review quarterly and monthly tax reports.
8. Maintain separate personal and business bank accounts.
9. Bill promptly and accurately.
10. Find an accountant to work with you

Accounting can be tedious for any business, but if your small business doesn’t keep tight books it can make your taxes a nightmare.

• Go Paperless by Using Cloud-Based Accounting: Most accounting software will provide all the basic functions needed for any type of business bookkeeping
• Find A Good Advisor: Having a good advisor on payroll to help you out at least once a month can become invaluable.
• Keep Personal and Business Finances Separate: Never mix the two up, it will make your accounting much more difficult to handle.
• Keep and Eye on Your Invoices: Late and unpaid bills can affect your businesses credit and effect your tax payments as well.
• Avoid Cash: Using cash it is hard to keep track of spending. You also lose track easily of write-offs because there is no record of purchases.

Whether you have one employee or 50, setting up a payroll system streamlines your ability to stay on top of your legal and regulatory responsibilities.

• Obtain an Employer Identification Number (EIN). Before hiring employees, you need to get an employment identification number (EIN) from the IRS.
• Check Whether You Need State/Local IDs. Some state/local governments require businesses to obtain ID numbers in order to process taxes.
• Take Care of Employee Paperwork. New employees must fill out Federal Income Tax Withholding Form W-4.
• Decide on a Pay Period. You may already have a manual process for this, but setting up a pay-period (whether monthly or bi-monthly) is sometimes determined by state law with most favoring bi-monthly payments.
• Choosing a Payroll System. Payroll administration requires an acute attention to detail and accuracy, so it’s worth doing some research to understand your options.