Pay By Check It is essential that you try to pay as much as you can by check.

If you are spending most of your money in cash rather than bywriting checks, you should list these expenditures on an expensereport. Such forms are readily available at stationery stores andare designed by category: travel, entertainment, office suppliesand so on. Attach to the form the receipts corresponding to theexpenditures.

Paying by check gives you a record of all debits to yourcompany. Most bookkeepers agree that it is best to work out of onecheckbook for the business. This will facilitate record-keeping andmake balancing your business checkbook much easier. Using differentcheckbooks is the cause of many financial problems when businessesbegin.

Excerpted from Starting a Home-based Business

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