Basic financial advice for business owners you need to read right now
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Last Updated on by Noni May
If there’s one thing that’s sure to stop a lot of people from starting their own businesses, it’s number. For some reason, people think that you have to be a whiz with finance in order to run a successful company. But that’s not always the case.
In fact, it can often be the exact opposite. You need the ideas, drive, and determination to make a business work, and numerical skills can just be a sideline to that. That being said, when you do start making money, from blogging or another business venture, you may need to know exactly what to do about the financial side of things. And these ideas are here to help you keep things under control as best as you can.
Use One Account
Whether it’s in business or personal finances, you can often find yourself having a range of different accounts to work with. But that just overcomplicates things when you’re someone that struggles with numbers. If you want to make things easier on yourself, stick to just one account. Whether that’s a set business bank account, or your usual personal one, by keeping everything in one place, you’ll easily be able to see what’s coming in and going out, to have a better control over it all.
Keep Your Receipts
Another key thing to help you keep on track is to keep your receipts. Businesses should be keeping at least six years of recipes, so this is something that you’ll need to do for accounts purposes, but it can also help you to stay focused too. With your receipts, you’ll be able to track everything that you’ve spent, which then leads us nicely onto the next point.
Start A Basic Spreadsheet
The idea of tracking your finances is often the scariest of all, but it doesn’t have to be. Just don’t make it any more complicated than it has to be. You can find lots of free budget templates online that can help to ensure you’re doing everything as easily as possible. By having one column of income and another with expenses, you should find that you can start to track everything easily and efficiently. And this is why keeping those receipts can help.
Hire An Expert
But don’t struggle alone. In fact, you shouldn’t be doing everything on your own anyway. You definitely need to hire accountants to help you with your tax return when you’re not great with numbers, but they can often also help with more. So speak to an expert about the services they could offer you.
Above all else, you’re also going to want to try just that little bit harder. Even if you think you are giving it your all, you’re probably not. Because when you struggle with something, you have to work even harder than you usually would. You need to be a bit more on the ball than other people. You may also find that it can help you to make more money when you focus on your finances too because you want to push yourself to earn more as you watch those figures take shape.
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