Chapter 5: Basic Accounting
These days keeping track of your business expenses is easier than ever. My favorite accounting software to use is Quickbooks Online, which can connect to your business bank account and directly pull transactions into your accounting books. The transaction and expense categorization process is quite robust and intuitive, and allows you to easily see exactly where your money is going. Certain expense categories have different tax deductible allowances, so it’s important to keep everything nice and sorted. For example, meal and restaurant expenses can only be deducted for 50% of their total cost.
Check out this in-depth walkthrough of how to use Quickbooks Online for your small business: