In this article, we’d like to provide you with some tips and common mistakes to avoid to make things easier for any startup entrepreneur.This way you can keep your personal expenses separate from your business accounts. It’ll be easier to track both aspects of your life - in terms of budgeting - and you’ll be avoiding bad surprises.Creating a bookkeeping routine means that you pick a moment in your week or month where you are going to register and update all your accounts.
The more frequent you do it, the quicker the process will be: if you update your accounts once a week it’ll require 110 minutes; if you do it once a month you’ll need to dedicate an hour or so to it.When you run a business, you are - of course - required to pay taxes. Even if you don’t take care of specifically, you’d still need to know the percentage of deduction you should calculate on your profit. If not, you’d be misunderstanding your accounts by overestimating your profits.When cash comes in it can make it hard for you to keep track of how money comes and goes into your accounts. Make sure you register your cash transactions both when you spend and gain money.Last but not least, a lot of entrepreneurs avoid asking for professional help in order to save money.