Business Financing: Getting Business Financing
This is a five part blog series on establishing and growing business financing.
Clean Book Keeping
Track all expenses and use accounting software
Has automated tracking of driving expenses
$14/mo (50% off, so $7/mo, if you use the link above)
Free, but IMO not as useful or as good as QB
Maintain accurate records
Upload all receipts
Connect all bank accounts
Pay your taxes quarterly
Work with a CPA throughout the year to save headache at tax time
Track depreciation of depreciating assets (cars, inventory, property depreciation, etc)
Keep business and personal finances separated
Straight forward, keep these separate!
Audit your books monthly
Take the time to check your work monthly so that you don’t build up a huge pile that you have to do once tax season rolls through
Checking more often will make it easier to fix mistakes and remember details
Automate wherever you can
Build out tools and connect as many accounts to your accounting software as possible so that most of the work is automated
Use mobile apps to upload receipts
Monitor Progress Over Time
Now that you are tracking your financials, its time to be business savvy and look for ways to optimize the business in addition to growing it
Look for margin improvement over time, areas to increase profit, and for areas that may be leaking expenses unexpectedly
Make sure you’re actually profitable! I’ve seen so many people that have a business because they think it’s cool, but when you dig into the actual financials, they’re not actually profitable. That’s called a hobby! We’re here to make some money. Tracking things accurately will make sure you are doing so.
