Single Member LLCs
To keep it simple, if you are a single member LLC, no, you do not need complex bookkeeping unless you are doing a high volume of business and need to keep track of and categorize these transactions.
You will be best off by having your business run through a single bank account (we recommend Novel or Mercury - do we have an affiliate?) where you can see all transactions for your company. Also keep track of any other accounts such as credit cards, Paypal, Stripe, or Brex.
Side note: make sure you have an actual bank account where you keep your money. Paypal, Stripe, and Brex, among other places, are all cash accounts and not actual bank accounts. This means you do not have FDIC insurance and your money is not secured.
Multi Member LLCs and C-corps
If you are a multi member LLC or C-corporation, yes, we do recommend you having some type of bookkeeping. The reason is on your federal tax filing, you will need to attach a full profit and loss statement, and if you have been bookkeeping throughout the year, all you need to do is generate your report in your software and it is done (Quickbooks works best for this).
If you are doing low volumes of business, bookkeeping can easily be done yourself in an hour or less each month, and that saves you time and money come tax season where you would otherwise have to pay us or another bookkeeping service to do this.
Pricing
Bookmate does offer bookkeeping services! Check out our Pricing page to see what package you would fall under, or schedule a call to talk with us and determine what package is right for you!
Next steps?
Book A Call! Not a Bookmate customer? Book a call with us, we can help determine what you need to have a successful tax season!
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