Keeping up With Small Business Finances
Where did the money go? A rookie mistake many new business owners make is not keeping up with their finances and receipts. If you do not keep up with your finances, you will fall behind on the benefits you will gain. You can receive tax right-offs, increase your savings and stay on top of your grant tracking. Here are 5 suggestions you will need to know to keep radiating records.
- Create a tracker – In my first year, I started recording how much I spend with an excel sheet. Creating an excel document is a great start if you do not have the time and resources to do any of the following, like open a bank account.
- Open a bank – Once you have registered your business and have created an EIN, you will be able to create a business account with your local bank. This is a great way to see in real-time what money comes into our account. Many banks have additional opportunities for small businesses like credit cards, grants, loans, or business apps.
- Tracker Apps – Like the traditional excel sheet, many apps calculate the numbers for you. Check out Freshbooks, Quickbooks, or Expensify.
- Invoices & Receipts – If you collect invoices, electronic or hard-copy, you have a paper trail. Save these, especially when paying in cash, and save your receipts. Radiant Marketing and Designs LLC can assist with that. Request a template layout for $8 here.
- Budget Binder – Creative Escape with Tasha offers a place to hold all your business receipts and deposits for the bank – If you have hard cash or paper receipts, this is a great central location to organize your documents. Radiant Marketing and Designs LLC has partnered with Creative Escape with Tasha to produce the Business Budget Boss. In this Budget Binder, you will receive 6 envelopes of your choice. We recommend Receipt Categories (Utilities/Rent, Transportation, Equipment, & Supplies), Deposit Me!, & Quick Purchases. Remember to save your receipts! Find all Creative Escape products here.
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