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Welcome to Exquisite Professional Solutions!!!

The best way for any business to keep track of business income and expenses is to open a bank account specifically for business transactions. Use this account to receive business income and pay for business expenses only. This way you can use your bank statements as proof of receipt in case of a tax audit or proof of income in order to obtain loans and business credit.

 

If you use your business income for personal expenses (which is ok to do) that money should be transferred into your personal bank account in order to use it for personal expenses and activities.  

 

If you use personal money or cash to pay for any business expenses a receipt or invoice should be kept.

 

In order to keep track of your business transactions an accounting software subscription or spreadsheet is also required (quickbooks, freshbooks, xero, google sheets, etc.) in order to categorize and track business transactions. This will produce your business profit and loss statement which is required to file your business tax return.

 

If you decide not to track and categorize transactions yourself during the year and don't provide a profit and loss statement a tax professional, bookkeeper,or accountant will charge more to produce this for you.

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