6 Key Strategies to Keep Your Business on Track

Financial Snickens

May 4 2023 • 8 mins

Are you a small business owner struggling to keep your finances in order? In this episode of the Financial Snickens Podcast, we’ve got you covered with six key strategies to avoid accounting errors and maintain best practices for your company’s financials. From hiring an accountant or bookkeeper to controlling expenses and keeping personal/professional expenses separate, we’ll cover everything you need to know to stay on track financially. Plus, we’ll discuss the importance of choosing the right accounting method and working with a tax planner to ensure compliance with IRS regulations. Don’t miss out on these valuable insights – tune in now!

Key Highlights:

[00:00 - 02:15] Financial Tips for Entrepreneurs

  • Accounting errors can be mitigated or avoided with prudent planning and smart choices
  • Hiring the best accountant and bookkeeper can save money in the long run

[02:16 - 04:35] Why Hiring a Competent Accountant is Worth the Investment for Your Business

  • Hiring a competent accountant is worth the investment
  • Find someone patient and willing to teach you about finances
  • Review expenses monthly or more frequently to stay in control and increase profits

[04:36 - 08:55] Essential Tips for Small Business Owners to Manage Finances Effectively

  • Incidental expenses can add up over time
  • Open a business checking account for all income and expenses
  • Choose the right accounting method (cash or accrual) with guidance from a tax planner

Key Quotes:

“When you start a business, the first thing you should do is open a business checking account.” - Alisa McCabe

“Control your expenses.” - Alisa McCabe

Resource Mentioned:

quickbooks.intuit.com

Link to more information from the IRS on the difference between employees and contractors:https://www.irs.gov/businesses/small-businesses-self-employed/independent-contractor-self-employed-or-employee

Learn more by connecting with me through LinkedIn, Instagram, and Facebook. Head to our website and click on the Let’s Talk button http://www.firststepsfinancial.com

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