Financial records

Keep it simple.

There is no law that forces you to maintain your financial records using any specific system. All you are legally required to do is keep some kind of record that accurately reflects the income and expenses of your business. Find a system that works for you.

Focus on your receivables.

Stay on top of any clients who owe you money. Be professional and courteous, but also very firm. Studies show that if you allow a client to delay payment for over 30 days, there’s a very good chance you won’t ever be paid. In many cases, your clients won’t be on top of their own books and they may simply forget that they owe you money. Be prepared to resend invoices.

Hire an accountant if you can.

As soon as you can reasonably afford to hire an outside accountant, do so. Not only will this ensure that your books are kept properly, but it will free up your time for other aspects of running the business.