If you’ve got your own business, or are thinking about starting one, you’re going to need to crunch a lot of numbers and shuffle a lot of papers to make sure your finances are always in order.
Here are some straightforward tips for managing your business’ money.
1. Keep everything! Receipts, bills paid, valet tickets, you name it – if it is related to your business, you’re going to need it come tax time.
2. Review your finances regularly. Smart business people pinch every penny until it screams for mercy. Always be on the lookout for ways to cut costs.
3. If you’re too busy, hire a bookkeeper. Having a professional to do your books may seem like too much of an expense, but consider the costs of mishandling your finances (audit and penalties from the IRS anyone?) and also think about all the sales you can close while your accountant-for-hire is handling the money.
4. Don’t forget about retirement. Remember to take money out of your own check for your retirement fund. You don’t want to be left short in this area come your golden years.
5. Protect your business against fraud. Buy a shredder and destroy old papers with vital information on them and direct mail credit card offers in your name.
6. Don’t mix business and personal accounts. Always maintain a separate checking account for your business. Keeping the same account for business and personal use is a nightmare to maintain and a red flag for audits.
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