Congratulations you are finally running the business of your dreams!
As you may have realized by now as a business owner you have to learn how to understand your financials and how to use them. I know you didn’t go to school for accounting and that this can be very confusing for most business owners so we are here to help.
We are asked by clients every day what needs to be done?
1. Separate business and personal expenses-This is important to keep clean bookkeeping and so the IRS does not see your business as a hobby.
2. Ensure you are set up as a business with your state
3. Establish your EIN (Tax ID #) You will need this to open your checking account
4.Open Business checking account
5. Set up Accounting Software-This doesn’t have to be Quickbooks. Pick a system you will use
You are not alone
We know accounting can be confusing and overwhelming for most people so please know we are here to help you. Let’s learn from each other and grow together.
6. Choose the right point of sale system
Sync your point of sale (where you are collecting payments) to your accounting software
7. Keep track of your inventory and costs by product-Choose the right system for tracking.
8. Determine your goals for this year and spend your business dollars strategically in order to grow revenue and increase profitability
9. Put time in your calendar each week to process your transactions in your accounting software
10 At the end of every month reconcile your accounts in your accounting software and pull the financial reports to review your success as a business owner.
I know accounting can be confusing and overwhelming for most people so please know I am here to help you. Let’s learn from each other and grow together.
I want to see you succeed and I cannot wait to see what you and your business do as you get a better understanding of your accounting and how that can grow your business.