Accounting for Small Business
Zelle, Venmo, and Cash App offer convenience, but they also create a bookkeeping maze for small business owners.
Here’s how to stay on track:
Track Business vs. Personal Transactions:
Mixing the two can create IRS red flags.
Reconcile Monthly:
Regular reviews prevent year-end headaches.
Log Fees and Transfers:
Many apps charge processing fees, which affect your bottom line.
Use a Separate Business Account:
Always separate digital transactions for clarity.
Report Properly:
The IRS now requires reporting income from third-party apps over $600.
Do not let tech convenience create tax season confusion.
Need help setting up clean books? Schedule a bookkeeping checkup today.
