![]() ![]() The main difference between the two options is the time in which you recognize your expenses and income. There are two different accounting methods: cash accounting and accrual accounting. Choose Method of Accounting: Your method of accounting determines how you report revenue and expenses to the IRS.Obtaining a business credit card can also help with this goal. You can track spending, deposits, and plan business budgets. More importantly, having a separate business bank account helps simplify the accounting and bookkeeping process. ![]() Set Up a Separate Bank Account: Setting up a business bank account helps you establish professionalism, protects your personal assets, and gives you access to finance professionals.Use our free Business Plan Generator to help you get started. Different entities have different requirements when forming and filing taxes. Create a Business Plan: Before going forward with your bookkeeping process, make sure that you have a good business plan in place.In order to keep your bookkeeping experience stress-free, make sure you follow these guidelines when creating your financial strategies: ![]()
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