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Having separate personal and For instance, you may be able to area where you don’t want to miss

business accounts also helps you deduct a porti on of your personal out on potential business-saving

have a clearer picture of how home expenses on your business profits.

your business is faring financially. tax return.
When you’re spending revenue on Some companies do quite well

groceries and mixing trips to Office And if you can, how much? Another managing their own books. If

Depot for business and personal example lies in your inventory you fi nd you’d rather focus on

items, the financial solvency of records. How you categorize growing and opti mizing your
your business becomes blurry. your inventory can make a big business, consider handing your
difference in what your year-end bookkeeping needs off to a

Keeping separate business and tax record looks like. company who focuses on what
personal accounts helps you to they do best: accounting and

know exactly what your business An experienced accountant knows bookkeeping.

profits are in a given year. many—if not all—of these little

deduction details that can add up Sonya Tapley is a career accountant
Not Reporting Income Properly to large money savings on your who loves working with small

business tax return each year. If businesses full-time. She is an

As a business owner, your day- you don’t have the time to read Arizona State University alumni and
to-day life is quite busy. It can be the big book of tax laws on your loves Arizona during the winter. In
easy for certain types of income own, get an accountant to help. her spare time, she enjoys reading,

transactions to slip under the watching movies, and spending time

radar—especially if they’re smaller Not Knowing When It’s Time To
jobs or jobs that are paid with cash. Seek Help with loved ones.
However, not reporting your Managing your company’s books You can reach out to Sonya at

income properly can land you on your own might work when sonya.tapley@cloudfriday, call her
in hot water with the IRS. Not you’re just starti ng out. However, at (480) 795-2598, or visit

to mention that it will give you there may come a ti me when doing www.CloudFriday.com
an inaccurate picture of your your own accounti ng is simply too
company’s success. big of a task.

Using an accountant or great And if you’re spending more ti me

accounting software—preferably than you anti cipated managing
both—will help ensure you’re your company’s books, you
recording all of your company’s could be missing out on valuable
income transactions. opportunities to improve or

expand your business.
Missing Out On Deductions

If you’re starting to get

Another common bookkeeping overwhelmed with the task of
mistake is that of missing out on keeping your own books, or
deductions. As a business owner, fi nd that you may be forgetti ng

you know that available tax profi table steps in the bookkeeping

deductions can make a big impact process, consider outsourcing your
on how much you’ll pay Uncle Sam accounti ng needs to a trusted

each year. accounting firm.
The IRS grants small businesses And choose one that is well-versed
a specified list of deductions in assisti ng small businesses with

you may or may not be aware of. their accounti ng needs. This is one

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