Keeping your personal and business accounts separate — as important as it is — is only the first step in properly managing your business finances. To truly succeed, you need to establish a comprehensive accounting strategy.
Working with an accountant or bookkeeper to manage this aspect of your business, no matter how small it is, helps take the burden off your shoulders.
As a small business owner, your focus needs to be on running your business, not tracking accounts payable and receivable. A professional has the skills and experience to provide financial guidance, keep track of your business income and expenses, create invoices, accept payments, file taxes, and even process payroll, if need be.
Whatever method you take — working with an accounting firm or taking a DIY approach — make sure you have a solid system in place to ensure your business finances are organized and in good standing.