This first of the small business bookkeeping tips is something many small business owners don’t do, but should.

All new business owners should make it a priority to open a new bank account for their business, preferably an account with online access, to keep business funds separate from personal funds.

You do not want to be processing transactions for your personal expenses within the bookkeeping of your business, it’s a waste of time.

Entrepreneurs keep a lot of the financial details of their business in their heads. Doing so has its advantages: No new software to learn, no danger of a system crash that loses all your data, and you can tweak your budget as often as you need without sitting down at a desk.