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At Sharon M. Gum, CPA in Waterloo IL, we’re happy to help manage your books, but there are several things you can do to make our job easier.
Keep Business and Personal Finances Separate
No personal transactions should flow through your business bank and credit card accounts. You should have separate accounts exclusively for business. This reduces the number of transactions we must reconcile.
Reimburse Yourself for Business Expenses, Including Mileage
When you pay for a business expense with personal funds, have the company write you a check to reimburse you. For any business mileage that you drive using a personal vehicle, you should reimburse yourself.
Always Keep Track of Receipts
The IRS requires receipts to substantiate all tax deductions. Keep a file folder with receipts for each vendor that you can pass along to us.
Invoice Customers Within 48 Hours
Sending an invoice within 48 hours is one of the accounts receivable best practices because it helps speed up collection. When customers receive an invoice soon after a transaction, they are more likely to pay quickly which can help us track payments and improve your cash flow.
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