Mastering Your Finances: Tips for New Business Owners

Starting a new business can be extremely exciting, but it also comes with a lot of responsibility, including managing your finances effectively. For long-term success in your business, financial management is key. Here are a few crucial areas that business owners need to know to feel confident about their finances. 

Create an Overview and Budget

You should think of your business’ budget as its foundation. You can start by estimating your startup costs, but if you’re already in business, you’ll want a clear picture of your fixed and variable expenses. 

Do your best to be on top of tracking your expenses. Keeping a close eye can help you identify any areas where you can cut costs or reinvest in the business. A detailed list of these expenses can help you see the big picture of your business, and trust me, they’ll help your CPA out, too. 

Separate Personal and Business Finances

Keeping a clear difference between your personal and business finances is important so that you have an accurate record of where your business’ money is going. The best way to do this is by opening a separate business bank account to manage income and expenses related to your business. This makes your taxes easier, and helps you get a clear idea of how your business is performing financially. 

Plan for Taxes

Understanding your tax obligations as a business owner is essential for avoiding penalties. I recommend researching the tax laws in your state to make sure you’re on track. For the most accurate information, reach out to your CPA before tax season begins. Your CPA can also help you determine if you’ll need to purchase any additional insurance to protect your business. 

Find a System

Managing your business’ finances doesn’t have to happen with a fancy system. But, there are some software solutions that can be useful. Do your research, or ask your CPA if there are any systems they recommend for business owners like you. For online accounting, I recommend  Quickbooks Online or FreshBooks.

Find Financial Guidance

Even with a solid understanding of what your business’ financial health needs, finding a professional money coach can be invaluable to your business' success. Their expertise can help you make informed decisions, help you grow, and navigate financial challenges. 

Gain Clarity and Confidence

Easier said than done. If you’re ready to feel more confident about your money and mindset, my waitlist is for you. 

Don’t miss out! My goal is to help business owners find freedom in their finances, build wealth, and leave the money shame behind once and for all.