Are You Bookkeeping-Ready? Take the 60-Second Quiz

Take this quick, no-judgment bookkeeping quiz to see how ready your books are for stress-free tax time and confident decisions. You’ll get a simple score and next steps at the end. If bookkeeping feels overwhelming, you’re in the right place—small steps lead to big clarity.

Not sure what bookkeeping readiness means? Check out the IRS Small Business & Self-Employed Tax Center.”

Are You Bookkeeping Ready?

Take this quick 10-question quiz to see how “bookkeeping-ready” you are.

No jargon, no judgment—just simple tips to help you feel confident with your books.

You’ll get your score and a helpful next step at the end. 🙌

Best practice for your business bank account is to Use one personal account for everything Accept only cash so you don’t need an account Open and use a separate business checking account Just track everything in a spreadsheet

How often should you reconcile your business bank and credit card accounts? 🧾 Only at tax time 📅 Once a year ✅At least monthly 🤔 Only when the balance looks off

What’s the best way to keep receipts and documentation for business expenses? 📦 Toss them in a shoebox and sort it out at tax time ☁️ Take photos or scan and store digitally, linked to each transaction 🧾 Keep only big purchases—small stuff doesn’t matter 💳 If I paid by card, my bank statement is enough

As a sole proprietor or single-member LLC, what’s the right way to pay yourself? 💳 Put personal expenses on the business card—it all evens out 🧾 Run payroll and withhold taxes just like an employee 💵 Grab cash from the register and leave an “IOU” in the drawer 🔁 Transfer money to your personal account as an Owner’s Draw and record it properly

What’s a healthy invoicing + follow-up routine for small businesses? 🗓️ Send invoices promptly with clear due dates, enable reminders, and review A/R weekly 🧠 Send invoices when you remember and follow up at year-end 🙋 Only send an invoice if the client asks for one 🤝 Handshake deal—no invoice needed if they “promise to pay”

What does a Chart of Accounts (COA) do in your bookkeeping system? 👥 Keep a list of customers and vendors 📂 Group and categorize every transaction (income, expenses, assets, liabilities, equity) 🧮 Automatically calculate your taxes 📄 Store copies of your bank statements

Which of the following is typically a business expense? Software subscription used for your business Personal groceries Family vacation Mortgage payment on your personal home

Which report shows your income and expenses over a period? Balance Sheet Statement of Cash Flows Bank Reconciliation Income Statement (Profit & Loss)

Accounts Receivable (A/R) refers to: Money customers owe you for invoices you’ve issued Bills your business owes to others Your current bank balance Inventory you plan to sell

When should a small business collect and remit sales tax? Never—services are always tax-free Only at year-end When your products/services are taxable in your state/locality and you’re registered—collect at sale, remit by the due date On every sale everywhere, no matter what

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Want more help after the quiz? Check out the DIY Bookkeeping Tips blog

Your results will show where you stand. No matter your score, remember: bookkeeping doesn’t have to be overwhelming—you can always start with small steps.