Avoid Mingling Funds
The first, best, and easiest way to avoid growing financial confusion is to keep business funds, accounts, and credit cards completely separate from personal funds and accounts. This greatly simplifies your bookkeeping, lessens time required to keep your books, and makes year-end and tax preparation tasks manageable.
Reconcile Monthly
To maintain a clear picture of your financial position, all bank accounts, loans and credit cards should be reconciled monthly. This eliminates duplicate or missing transactions that can cause significant inaccuracies in your cash position and even lead to losses in NSF charges.
Plan For the Future
Revenue can be steady, cyclical, and sometimes a roller coaster. Have a financial plan that meets the needs of your company today, enables you to invest in the growth of your business, and protects your interests during market or economic downturns.