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Find yourself an accountant who's competent. An accountant is well worth the business expense because she can manage your books for you full time. She will help you keep track of the money you have coming in and the money you are sending out, help you pay yourself, and help you meet your tax obligations. The best part is that you won't have to deal with the paperwork because your accountant will take care of that for you. You can then focus your attention towards the more profitable aspects of your business, such as increasing your customer base, creating new products, and such. With an accountant, you'll save many hours (or even days) figuring out your books.

Try to learn bookkeeping. It's important that you have a system in place for your money -- both for your personal and business finances. You can do this simply by setting up a basic Excel spreadsheet or you could use bookkeeping software like Quicken or QuickBooks. You could also try to use a personal budgeting tool like Mint.com. There are also many no-cost resources for those who own a small business to help them properly manage their bookkeeping. You'll know exactly what's happening to your business and personal finances when you've got your books in order. It might even be in your best interest, particularly if you don't have the money to hire a professional to help you, to take a class is basic bookkeeping and accounting.

Save every receipt. If the IRS ever demands proof of your business expenses, receipts will come in handy. They're also records of business related expenses. Make sure you keep your receipts together in one place. When you've got your receipts organized and kept in one central location, you can easily find specific transactions for certain amounts you may not recognize in your bank account because you forgot to write them in. The easiest way to keep track of them is with a small accordion file that you keep in your desk drawer. When you're in business, there are plenty of opportunities for you to improve yourself in the process. For one, you can learn how to manage your finances better. Everybody wishes that they could be better with money. Learning how to manage, plan a budget your money can do quite a lot for your confidence. In addition, it becomes easier to organize most areas of your professional and personal life. Keep in mind the money management tips we shared in this article. Keep applying them to your business and you'll soon see much success. turbotax canada