Hi! Today I wanted to talk a little business. This information can help someone that is a business owner or someone aspiring to be one in the future. Let's jump right into it:
- Have a separate account for your personal income/expenses and your business income/expenses. This will give you a clear and true picture of how your business really is performing. If you commingle these two accounts you may start borrowing from personal funds to support your business and not realize it until it's too late. The goal is to have a successful business that can function on its on.
- Always set aside a specific amount for your taxes. Make it automatic every time you receive income to assign a portion to taxes. Work with your accountant to determine the specific amount.
- That leads me to my next point. If you do not understand how to run the financial aspect of your business then get an accountant. It will relieve a lot of stress. The advantage I had starting out in business was my accounting experience so I didn't need an accountant. However most business owners need an accountant so they can focus more on running the business.
- Last, keep spreadsheets for different parts of your business. I maintain spreadsheets for everything. My personal and business affairs. These basic spreadsheets keep me so organized financially.
Well thank you for stopping by and I hope you have a wonderful and blessed week!
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