3 Money Moves Every New Business Owner Should Make

Starting a new business can be a little intimidating.

You know that bookkeeping and finances are important but where do you start?

By the way, if you don’t know, bookkeeping and finances are VERY important in business…Right up there with actually making sales.

Here are 3 money moves every new business owner should make.

Open a separate business bank account.

This should be the first thing you do when starting a new business.

Here’s why…

It’s much easier to track what is a personal expense and what is a business expense when they are separated. Also, and very importantly, if you are ever audited the IRS is going to want bank statements. If all of your expenses are inter-mixed in one bank account it will be very hard to prove that an expense is for the business and not personal.

Track income and expenses from the start.

Sometimes people have set up expenses right at the beginning of starting a business that they forget to include or don’t think they count. All deductions are important.

You also want to keep track of income from the start. How do you know how much you’re making if you aren’t tracking it?

Get a bookkeeping system in place.

As I said before, bookkeeping is VERY important. I think it is the most important part of a business other than actual sales.

A business owner CANNOT makes good decisions about their business if they aren’t clear on the finances of the business. That’s just a fact.

My advice is to get QuickBooks or at the very least keep a spreadsheet tracking income and expenses.

I very much want your business to succeed! Having a great financial foundation can make a world of difference.

If you need any help getting started with your bookkeeping and finances, please contact me….I’m here to help!