How do I start bookkeeping for a small business?
Open a separate business bank account, record every sale and every expense with its receipt, match your records to the bank statement every month, and keep everything for 7 years. Software that turns invoices and payments into entries saves most of the work.
Keep business money apart
Use one bank account for the business only. Paying personal things from it, or business things from your own pocket, is where most small business books go wrong.
Record sales and expenses as they happen
Every invoice or receipt you give is a sale. Every bill you pay needs its receipt or a photo of it. Write down cash sales the same day.
Close each month
Match your records to the bank statement, follow up unpaid invoices, and look at profit and loss. LHDN expects business records to be kept for 7 years, and your accountant will ask for them at year end.
How Lucco Boss helps
In Lucco Boss every invoice, payment, counter sale and payroll run goes into the books by itself. Snap a photo of a receipt to record an expense. Profit and loss, balance sheet and a login for your accountant are free.
Updated · Lucco Technology