Finances can be intimidating, but they can also be easily ignored. In order to have a successful business you must stay on top of what’s happening inside your business.
Hire an accountant. If you’re self-employed this is a non-negotiable. Having a professional that can guide you financially will only benefit your business. Accountants are a great asset to your business as you’ll have access to a professional who can answer your questions. A good accountant will also ensure that you’re following tax guidelines and putting money aside for the end of the year.
Download an app that allows you to manage your receipts. Remember when you shop for your business, pay bills, rent, or even head to lunch with a friend to discuss business, these are all expenses that can be written off come tax time. An app will keep these expenses organized and can easily be given to your accountant.
If you have big purchases to make for your business - ask your accountant before committing to the spend. They’ll be able to guide you and create budgets so you know exactly what you can and cannot afford.
If numbers are your thing. Take a bookkeeping course, learn an online accounting system, and then quickly send your accountant monthly reports and statements. This will decrease your overall accounting fees - but make sure you know what you’re doing!
Check-in with your finances, it can be daunting, and it’s certainly not the most exciting part of being a business owner but you’ll thank us later.