Top Tips to get your Finances in Gear for your Business from some of the best experts out there
Let’s face it – many a small business owner struggles with managing the day to day and even long term aspect of finances whatever business they are in. Since January is Financial Wellness Month – we thought we’d tap some of our experts and give you a round up of some of the best advice, and tips and useful links we can find to help all women in business as well as any entrepreneur or business person be empowered and get ahead.
If you’re unsure you are in gear when it comes to your finances see the advice MyCity4Her’s experts share below to help you get in gear and stay there in the year ahead.
Accounting Enterprise Expert Tammy S. J. Schneider, CPA and Director of the innovative Women in Business practice with Glass Jacobson shares the following:
1. Keep your financial records up to date. They can’t be useful in planning if you’re always looking at numbers from 6 months ago.
2. Use the numbers as a planning tool. What changes did you make during the previous month and what was the result of those changes? Did you change suppliers in search of a less expensive solution? If so, did your bottom line reflect that change that way you had hoped? If not, maybe you need to look at another area to increase your profits?
Entrepreneur subscriber, accounting and Quickbooks Pro Advisor Mary Jo Watson of Accounting Solutions shares the following:
1. For the new business owner – Keep it simple. If you are just starting your business then get one specific checking account for your business and one credit card to use for your business as well. If you stay small this may be all you need.
2. Stay organized and touch it (the paper) only once. Set up a filing system and USE IT. Hours will be saved when you can find the information you seek. Don’t go overboard. You may only need 6 folders in a year. It depends on your business type and if you can find a reputable professional to talk to, to help you get organized right from the start.
If these tips aren’t enough here’s a few other places we think you’ll get some great advice & help you make this your best year ever! If you have some favorites – please add them in the comments section! We will keep adding to this as well