Bookkeeping Basics for Small Businesses
What records to keep, how long and how to track profit and margin.
4 min read · Business & Freelance
Good records save time and stress at tax time.
What to keep
- Invoices issued and received.
- Bank statements and receipts.
- Records of assets and depreciation.
Example with default values. Open the calculator →
How long
Keep business records for ten years.
Track the numbers
Use simple tools
Accounting software or a fiduciary can automate most of the work. Separate business and private accounts from the first day, because mixing them makes records and tax returns much harder.
Review revenue, costs and margin monthly. Use the profit margin calculator to check pricing.