Reliable financial statements can give you insights into how various parts of your business are performing. If you cannot speak the language, you will flounder. At a minimum, you should have a separate business checking account for your business. You should not pay personal bills from the business account, nor business bills from your personal account. Good documentation will give you a more accurate picture of your company s performance, and will make tax audits less painful.
Most accountants recommend double entry bookkeeping, with a general ledger.
The one write system allows you to record a check, deposit or receivable once, with a carbon copy carried onto a ledger or tally sheet below it. It allows you to keep a running balance on bank account cash or receivables. There are several files you should maintain. You should also keep receivables and payables folders, which should be reviewed weekly to determine which items need attention. Once bills are paid, you should keep the paid invoices.