Bookkeeping secrets? Maybe these tips aren't hush-hush, but they will definitely be the secret to your success.
Daily record keeping is necessary to keep track of your sales and expenses. Don’t be scared because we’re going to keep this simple. You’ll need to keep up with daily sales, sales tax owed, expenses, payroll, and payroll taxes. Accurate bookkeeping will be beneficial when Uncle Sam knocks on your door in April.
Keeping a log of orders as they come in proves to be handy, keeping a day-to-day record of sales. A cheap notebook can be used to document the flavor, size, and price of each serving sold. This notebook is great to see sales history and peak days throughout the year.
Combine this with an accounting ledger book and you’re on the right track. If you’re up for the learning curve, consider purchasing QuickBooks accounting software to keep records digitally.
Always talk with your accountant about the best method to keep your records organized. An accountant can give advice on setting up a payroll system and should advise you about taxes you’ll need to withhold from employee wages.
When in doubt, save everything, record everything and try your best to keep it organized.