- Separate your business expenses from your personal expenses
- Use a bookkeeping software program such as QuickBooks or Quicken
- Download and categorize your expense and income transactions for your bank accounts and credit cards on a regular basis
- Reconcile your bank accounts and credit cards monthly
- Enter business transactions into your bookkeeping software program that were paid by cash, personal check, and personal credit cards
- Make sure you know the total interest you paid on all loans
- Keep track of your mileage for each business trip
- Keep track of all utility costs and home insurance if you have a home office
- Keep receipts for all cash purchases and all purchases over $75
- File receipts in date order for easy access
- Keep bank and credit card statements in paper or electronic form
- Use a cloud backup service to protect your computer files
