![]() And if you want funding down the line, from creditors or investors, strong business financial records can increase the likelihood of approvals. It also protects your personal assets in the unfortunate case of bankruptcy, lawsuits, or audits. Having a separate bank account keeps records distinct and will make life easier come tax time. 3 Know your numbers to grow your businessĪfter you’ve legally registered your business, you’ll need somewhere to stash your business income.2 Best small business accounting software.In the meantime, start building your store with a free 14-day trial of Shopify. You’ll start receiving free tips and resources soon. 1.8 Get the business plan template delivered right to your inbox.1 Accounting basics for small businesses.
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