Novo offers one of the best business checking accounts. Having a business checking account will also legitimize your business with your customers. This will help you claim tax deductions, protect your assets from liability, and gain access to certain funds that are business-only. With a separate business account, you can easily track your business cash flow. It can be hard to differentiate which transactions are personal and which are for your business, which can make bookkeeping difficult and create undue stress and confusion during tax time. If you keep all of your finances in the same account and commingle business and personal funds, you risk making your finances very confusing. The easiest way to do so is to keep your business and personal finances separate with a business checking account. Keep your business and personal finances separateīefore you take a deep-dive into your business finances, an essential first step is to ensure you’re making your bookkeeping process as simple as possible. Use the following steps to set up your bookkeeping system in Excel. Depending on your experience level, using templates may be an easier way to start. To create a bookkeeping system for your business, you can start with blank Excel spreadsheets or find Excel spreadsheet templates online that fit your needs. How to Create A Small Business Bookkeeping System in Excel You can enter and categorize transactions through Excel, create various bookkeeping templates, track invoices, and much more. Excel has several helpful features and functions that can help you create a small business bookkeeping system that works. Using Excel is likely cheaper than hiring a bookkeeper or investing in popular accounting software programs. If not, it’s available to download for a small fee.

Another reason to use Excel, as mentioned earlier, is that you probably already have it installed on your computer. Training on using Excel is also readily available online to get you and your employees up to speed if required.

Businesses around the world use the spreadsheet-based program. Excel is useful for several applications, including bookkeeping. Microsoft Excel has been around for decades but is still used by businesses today because of its accessibility. Why Use Excel for Your Small Business Bookkeeping Here’s a look at how to do small business bookkeeping in Excel like a professional. Chances are you already have access to the computer program. If you’re already a small business owner or just starting your own business, you can save money by using Excel to create a bookkeeping system. Some businesses choose to hire a bookkeeper or utilize accounting software for their bookkeeping. Having a good system for bookkeeping will help keep your business finances organized year-round. Bookkeeping is the process of recording daily business transactions. Anaging your day-to-day finances is one of the most important tasks of any small business.

Daily expense sheet for small business