Are you an entrepreneur who’s reluctant to hire an accountant to handle your finances? That’s not a problem. With today’s technology and our guidance, keeping your books in order is much easier than it used to be.
Here are 4 quick tricks to manage your own accounts.
1) Learn the Basics
As you may already know, most people are not numbers-savvy — hence our profession. However, when it comes to running your own business or getting your start-up off the ground, the money involved is often scarce, disorganized or difficult to handle.
This is why we suggest getting familiar with bookkeeping. Some accountants or local community colleges may offer affordable courses that teach you the basics to get you started. If you’re invested in your own company, you might as well invest a few hours into learning how to keep it profitable.
2) Select Software that Caters to YOU
For us and many other accountants, QuickBooks® is our choice for a program that has many customizable options and easy-to-use functions. As a small business owner, QuickBooks® allows you to limit the amount of errors you make, save time crunching numbers and can even backup your data!
There are other programs available, but we’ll allow you to make the decision as to which one fits your business structure perfectly.
3) Plan Ahead for Big Purchases
This is the basic “Create a Rainy Day Fund” advice your folks may have told you once you moved out.
Don’t be the business owner that’s scrambling to put money together when major expenses come your way. Make sure to log all of your foreseeable upgrades and once you have enough capital to spend on those improvements, you’ll know exactly how you’re going to pay for it.
If you know you’re planning on moving to a new facility or need a fresh marketing strategy, mark it on your calendar months or even years in advance. Don’t forget that seasons fluctuate in profits — so schedule your upgrades for a time where you know you won’t be strapped for cash.
4) Separate Your Personal & Business Finances
In your mind it may all be one account, but in reality, it’s best to keep your money separate. Who are you kidding? Fast food purchases are NOT business expenses.
Open a business account that’s strictly for your expenses. This will make you think more business-minded while giving you an accurate and efficient way to measure your company’s progress. With the more success you come across, applying for a business credit card could also be in your best interest.
Did you know: our experts can handle any and all of your tax concerns?
For a FREE tax consultation, call today! (631) 921-6894.
Have a question or certain topic you’d like to see addressed in our next blog post?
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