How To Set Up Your Business Finances
Here are the 3 financial basics you need to know before you start your own online business. If you’ve already started your own business, all good, these 3 things will help set your business up for financial success! Dive in.
Step One
Get A Separate Business Bank Account
It is so important to separate your personal finances from your business finances. In your new business account, all the money that you earn from your business, and all the money you spend on your business, will come from this account. This will make tax time 1000% less stressful!
Step Two
Sign Up With An Online Accounting Platform
Sign up with an online accounting platform to create and send invoices, manage your business expenses, accept payments from clients, and much more. Here are some options:
Wave Accounting / FREE — Plus, it has an awesome app for you to take pictures of your receipts.
Stripe / FREE — This one is great if you want to charge USD, but your business bank account contains a different currency.
QuickBooks — This does have a monthly fee, but if you have an accountant who specializes in QuickBooks this will make your business finances a BREEZE!
FreshBooks — This does have a monthly fee, but it’s totally worth it.
Step Three
Hire An Accountant
When it comes to quarterly and annual taxes, you’ll need an accountant to help you with business expense deductions, and to make sure that you know how much you owe in taxes and when to pay.
Tax time can be super stressful and having a pro by your side is one of the best investments you will make in your business.
