A huge thank you to Alexia Cloutier for sharing her expertise as a CPA with tips for all small business owners and how to be organized in your bookkeeping.
I asked Alexia to record this podcast for our listeners because one of our MWAW members is just starting out in business and she was wondering if she should hire a bookkeeper even though she is not currently making money. And Alexia's answer was yes!
If you hire a bookkeeper and set your books up properly from the beginning it will save money in hours spent with them AND educate you on what expenses should be recorded.
The best time to hire a CPA is September or early November at the latest. That will give you time to set things straight before the end of the year.
In short:
Have a separate business account from the very beginning.
Hire a bookkeeper even before earning any income.
Hire a CPA before the end of the year, preferably early Oct., so that you can clean things up before Dec. 31st.
Track everything monthly!
Quickbooks/online version
Suggested Apps:
MileIQ
Expensify