Bookkeeping tasks can be a source of hassle for a lot of business owners. The piles of paperwork, concern over potential errors, it all adds up. There is no good reason for this stress. If you aren’t sure what software to use or how to use it, get a professional bookkeeping firm to recommend one and set it up for you. Some of the most common errors are easily fixed, while others may need a more complex solution. To help you avoid or easily fix some basic errors that could prove to be costly, Savvy Bookkeeping has put together a list of the most common mistakes people make when setting up bookkeeping software.

Original Article Source Credits:   The Blueprint , https://www.fool.com/the-blueprint

Article Written By:  Mary Girsch-Bock

Original Article Posted on:   September 10, 2020

Link to Original Article:  https://www.fool.com/the-blueprint/bookkeeping-vs-accounting/

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Article Written By:  Matt Nish

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Link to Original Article:  https://help.hellobonsai.com/en/articles/3673364-what-are-business-vs-personal-expenses

Original Article Source Credits:   The Blueprint , https://www.fool.com/the-blueprint

Article Written By:  Mary Girsch-Bock

Original Article Posted on:  NA

Link to Original Article:  https://www.fool.com/the-blueprint/bookkeeping-basics/

I’m Dawn Hayes, the proud owner of Savvy Bookkeeping. 

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Step 4: Reconciling the accounts Congratulations! You're on top of all of the steps. You log in to your bank account and there's plenty of money. You do a happy dance and congratulate yourself - I'm killin' it! - Not so fast... Have all the checks been cashed? Did your deposits clear? What? You don't know? Without that knowledge, you don't know what money is leftover. And that's when checks start bouncing. And your vendors get angry. And your credit score goes down. The accounts need to be reconciled every month. Every. Month. Credit card statements, too. Reviewing what went out is a pretty…

Step 3: Organizing the data Now that you are using your bank accounts properly, and tracking your income and expenses, and receiving all kinds of statements - what do you do with it all? How are you tracking your new banking info? Shoeboxes full of receipts and statements, envelopes, spreadsheets, notebooks - anything is better than nothing. As long as it makes sense to you. Ideally, you'll be using software meant for money management. QuickBooks is the most popular - there's also Xero - both online choices. Why is this better than your handwritten list? Or your elaborate spreadsheet that is…

Step 2: Break out personal and business expenses  In the silver post, I made the point about the importance of separating funds with business and personal accounts. Now that you' ve done that, you should be categorizing your expenses there is often confusion or misinterpretation about what is " business expenses s play a quick game of True or False: True or False? On the way to a client meeting, you stop for breakfast at Dunkin' Donuts. Business Expense? How about if you buy breakfast for the client also? True or False? The fee for attending a networking event. And parking. And the…

Are you breathing easier now that October 15th has come and gone? Finally, got that extension filed and now you can get back to focusing on your, business? What would it feel like to not sweat it when tax time comes around? How great would it be to easily provide your account with all the info they request, without feeling panicked or a sense of dread? How much time would you get back if you had a system that prevented chaos? Good news! There is a way to build a simple system and stay on track. Over the next few weeks,…