| Don’t Let The Green Get You Seeing Red

Posted in Finance at 1:00 PM by Loftis Consulting

Few things about running a business are simple. The business finances can sometimes be the most complicated of them all. Failing to properly structure your approach to them won’t just mean you spend a lot of time untying all the knots. It can also get you in trouble if you are late in invoicing, or even worse, late in payroll and 401k payments. Here, we’ll look at how to keep your finances straight and simple.

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Get a Bookkeeper

If you’re having trouble staying on top of expenses, costs and the money coming in, you can be in trouble of losing a grasp of how well your business is doing financially. You could even be straying dangerously far from your cash flow projection. If you can’t keep a handle on your finances in the real time, it’s a good time you could use a bookkeeper. You can even use telecommuting bookkeeping so you don’t have to have them in the office itself.

 

Create a Schedule for Yourself

Don’t leave things to the last moment. That’s an easy way to find yourself lacking the money you need or missing important dates. Create a financial calendar that sets aside time every day. That time can be used for processing invoices and following up late ones. It can also be used for the big tasks like getting your tax accounts in order a piece at a time so you don’t have to rush to do it all. You can make the schedule more manageable by automating some of those financial tasks, too.

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Don’t Be Afraid to Get Some Help

Learning about your finances and keeping control of them is important. But that doesn’t mean you have to try to handle it all yourself especially if you’re liable to get in trouble if you’re not able to keep up with it. For instance, if you might have trouble staying compliant in how you handle retirement contributions, a safe harbor plan can ensure you’re not missing anything. Just as you shouldn’t be afraid of getting a tax consultant to help you ensure you’re paying what you should be. When the law and compliance are involved, it’s better to be safe than sorry.

 

Separate the Personal and the Business

When you start a small business or start working for yourself, it’s easy to just treat all your finances as one big lump sum. When you’re looking to get exemptions of certain business purchases and straightening yourself out for tax season, however, that’s going to bite you in the real. Creating separate accounts makes it a lot easier to separate the personal from the business. Otherwise, you will have to go through those costs one by one in future, trying to remember why you spent that money.

The use of the right tools, the right organization, and even the right help is going to make it a lot easier to stay on top of your finances. Meaning you will have more time to do the jobs that actually make you money.

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