Anytime is a good time to get your business into financial shape. And no matter what your financial shape is, it’s never a bad idea to review where you are and set some goals as to where you’re going. Today we’re sharing some top tips for getting your business finances in order, and how to keep them there.
Stay Organized (Or Get Organized!) and Plan Ahead
It goes without saying that organized finances make life easier, especially come tax time. But that doesn’t always happen when you’re running a small business and are a jack of all trades. When it comes to organization, simplicity is usually the best option. Don’t spend a ton of time searching for elaborate methods or strategies but just get down to the basics. We’d recommend establishing a system for tracking expenditures and the money you receive, if you haven’t already. Then set aside time each week or month to review and organize these transactions.
If you’ve already got that part established, then look to the future. Take a few minutes and sketch out what big ideas or projects you have that might need extra cash. Mapping out a plan is the easiest, and surest way to get there – then all that’s left is to put the plan to work.
Do Your Homework when it Comes to Financial Software or Hiring a Bookkeeper
There are lots of options when it comes to how you do your bookkeeping and taxes. Whether you hire a professional bookkeeper, track expenses on your own, or use one of the many different financial software options that are out there it’s always a good idea to do your homework and make sure you have the right fit. Even if you already have a system in place, it’s never a bad thing to review what you have and what your needs might be. When your needs change, it’s time to consider your options and then make sure your most important needs are met.
Looking for other tips on getting your small business financially fit, you can read more here…
Ben Sutton is the founder of Mazuma USA, an accounting firm providing tax, bookkeeping and payroll services to small businesses. Since founding Mazuma, Ben has established himself as an expert in the small business world. He’s still driven by that same desire to provide accounting help to all small businesses – from photographers, bloggers and creatives to lawyers, doctors, and dentists, everyone needs affordable accounting help. Ben is a Certified Public Accountant, and a member of the American Institute of Certified Public Accountants. But Ben considers his greatest achievement and credential to be his happy wife and four children.