The Bookkeeping Basics Every Utah Small Business Owner Should Know

1. Separate Business and Personal Accounts

This is the #1 mistake new business owners make. Open a separate business checking account and credit card from day one. It makes tracking expenses, filing taxes, and understanding your business health much easier.

2. Understand the Core Financial Statements

Three documents every business owner should know: Profit & Loss (P&L) — shows if you're making money over a period; Balance Sheet — a snapshot of what you own vs. what you owe; Cash Flow Statement — tracks money coming in and going out.

• Profit & Loss — are you making money?
• Balance Sheet — what you own vs. what you owe
• Cash Flow Statement — money in and out

3. Track Every Transaction

Every sale, expense, and payment needs to be recorded. Reconcile your accounts monthly — compare your bank statements to your books to ensure everything matches.

4. Choose the Right Accounting Software

For most Utah small businesses, QuickBooks Online is the standard. It's cloud-based, integrates with most banks, and makes tax time much easier. We can help you set it up and train you on the basics.

5. Know Your Tax Obligations

Utah businesses need to track: sales tax (quarterly filings), payroll tax (if you have employees), income tax (federal + Utah state), and estimated quarterly payments. Utah's flat income tax rate is 4.65%.

• Sales tax — quarterly filings
• Payroll tax — if you have employees
• Income tax — federal + Utah (4.65% flat)
• Estimated quarterly payments