Bookkeeping for a single-member LLC that files Schedule C
When you run the business yourself, the statements still need a regular review. Arkrel helps individual owners of Schedule C businesses organize bank and card statements, review merchants and bring the year together for tax preparation.
Start with one statement free to review merchants and preview My year, with no card needed. Choose a paid plan for the full tax report, downloads, exports and accountant sharing.
Start with how your LLC is taxed
An LLC is a state-law business structure, and its federal tax treatment depends on its ownership and tax elections. A single-member LLC generally is disregarded as separate from its owner for federal income tax purposes unless it elects corporate treatment.
For an individual owner, the business activity may be reported on Schedule C, E or F, depending on the activity. The workflow on this page is for a trade or business reported on Schedule C. Confirm that reporting basis with your tax preparer, especially if you have made a corporate tax election or changed the business's ownership.
Give the business its own set of records
List the bank accounts and credit cards used for the LLC's activity. Gather the statements for the year you are preparing and keep the receipts, invoices and other records that explain the transactions. Include an account you stopped using if it held business activity during the period.
A separate business account can make the review easier to follow. If older records contain mixed purchases, work through the actual activity and identify the business purpose. Use the mixed business and personal expense guide for the decisions that need closer attention.
Review money moving between you and the business
Give owner-related transactions a clear explanation. A transfer from your personal account, money taken out of the business, a reimbursement or a payment between business accounts each needs to be understood in context. Keep those descriptions with the records so your preparer can review their treatment.
Also review card payments alongside the card statements that show the underlying purchases. The payment amount alone may not explain the business expenses. If you paid a business cost personally, keep the receipt and a note of how it was handled in the records.
That review makes the totals easier to discuss and helps you distinguish business activity from movements of money. Keep a short question list for transactions whose treatment you need your accountant to confirm.
Turn the statements into an organized year
Upload or email the bank and card statements to Arkrel. Transactions are grouped by merchant, with rules that remember confirmed decisions. Work through the merchants using the receipts and business context you collected.
Paid plans unlock a tax report with a profit and loss summary, Schedule C totals and likely deductions to review, plus downloads, exports and accountant sharing. See how statements become Schedule C totals for the reporting workflow.
Keep the handoff specific to the LLC
Give your accountant the report for the right period, the underlying statements and receipts, and the open questions. Include the business's tax classification and any changes they need to know about. Keep information about loans, assets and other accounting questions alongside the transaction records.
The self-employed tax document checklist can help you assemble the package before the review.
Choose a tax year or the current-year routine
Catch-Up is $499 one time per purchased tax year and includes a 30-day money-back guarantee. It unlocks that year's full workflow and paid outputs.
Autopilot is $49 per month with a 14-day free trial and covers the current calendar year. Upload or email new statements as they arrive, then review the merchants that need your attention. Read about monthly bookkeeping for self-employed people to plan the routine.
Questions about single-member LLC bookkeeping
Does every single-member LLC file Schedule C?
Federal reporting depends on the owner, activity and tax elections. An individual-owned disregarded LLC may report on Schedule C, E or F. This page addresses a Schedule C trade or business; confirm your LLC's reporting with your preparer.
What if my LLC elected corporate tax treatment?
This page covers Schedule C bookkeeping. If your LLC elected corporate tax treatment, confirm the different records, reports and accounting workflow you need with your accountant.
What if some expenses were paid from my personal account?
Gather the relevant statements and receipts and document the business purpose and how the payment was handled. Keep the items visible for your accountant's review.
Can I organize an earlier tax year?
Yes. Catch-Up is purchased per tax year. Gather each year separately and use the prior-year bookkeeping checklist to track the records.
What does the free statement include?
One statement upload, merchant review and a My year preview, with no card needed. Full tax reports, downloads, exports and accountant sharing are paid features.
Start with one LLC statement
Choose a bank or card statement from the year you want to prepare. Review the merchants and see the first view of your year.