1. CHECKING ACCOUNT

 

• You need to open a separate checking account for the business.

• Do not pay personal expenses from this account

• Pay all or most of the expenses by check - write the date, to which you pay, a brief description of what you pay and the amount on the check stubs.

 

2. CASH EXPENSES

 

• Whenever you pay cash, please make sure you get a printed receipt.

 

3. SALES / INCOME

 

• Keep daily sales record (Cash register summary Daily or Monthly).In some cases we can use the monthly bank deposits to post your sales.

 

4. OWN FUND EXPENSES / LOANS

 

• In the event that you have to pay any of the business expenses from your own funds or put money into the business, or loan proceeds, please make notes as often and clear as possible.

 

5. CASH WITHDRAWALS

 

• If your business is a corporation you can withdraw money in the form of wages only, for any other type of business you can withdraw money without having to withhold any taxes, however, you're responsible to pay taxes over the profit at tax time (April 15).

 

6. MONTHLY BOOKKBEPING

 

We will need the following items, in order to provide a clear,

professional and accurate service:

 

1. Bank Statements

2. Cancelled Checks (Images)

3. Deposit Slips

4. Check Stubs

5. Sales Report from cash register (Daily Summary)

6. Receipts paid with cash, checks or debit card

7. Payroll Information (W-4 for every employee)