While it may seem tough to keep your business and personal finances separate at first, it’s not as hard as feeding two cats different food. You can do it! Here’s why and how.
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Managing your business finances is like managing your personal finances. Nonetheless, it trips many people up because it sounds scary. Let’s put that limiting belief to rest, shall we? Because if you can add and subtract, you can master this.
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After the holidays, people get focused on their New Year’s Resolutions. Especially entrepreneurs and planning-lovers! We’re ready to get started and make this the best year yet. We’ve got the new fitness equipment, books, or thrown out all the sugar. It’s an exciting time!
After a few weeks though (say by the middle-to-end of February), the appeal starts to wane. Sugar sneaks back in. The equipment and books gather dust. We’re losing our motivation.
Before we jump into the mechanics, you should know why the extra complexity is worth it.
If your business makes a lot of profit, you may be a good contender for S-Corp status. If the profit is more than what you would pay somebody else to do your job, then I recommend you look into it.
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If you've ever worked for someone else and received a paycheck, your taxes are withheld. The employer deducts that money from your paycheck and sends it to the government. With a few exceptions, you pay taxes on everything you receive. But businesses are different.
Before you leave the house, you follow a set routine. Purse? Check. Wallet? Check. Car keys? Check. Door locked? Check. Like the steps you take before locking your door, there are steps you should take to make sure your business’s finances are buttoned up and “closed” each month. Take a look at the 5-step process I follow with my clients.
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When you're about to throw a house party, you don't wait until 2 hours before to start cleaning. The same thing goes for filing your annual taxes. It's not in your best interest to wait until the last minute because you’ll miss some important corners and deductions. Discover why it’s important to have a weekly financial date with your numbers.
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Over 80% of small businesses fail due to cash flow problems. And heading into a recession means you need to get your cash flow under control. Keep reading to discover 5 areas where you can trim your expenses immediately.