There’s so many “what not to do’s” with your money that sometimes you’re not really sure what to do with it at all! Part of running a business is being able to control where your cash goes and how it’s being used. Being proactive and preparing for the future is the best course of action when it comes to running a business. Don’t let surprise expenses stress you out. Instead, beat them to the punch.
An important part of a business is planning ahead for major expenses in your future. It’s vital to budget for things like supplies, inventory, and repairs. If you plan ahead and have a game plan in place, you won’t be caught off guard when you run out of supplies or need brand new computers for your employees – instead, you’ll be prepared. You can say goodbye to your panic when large expenses come your way because you’ll be ready!
Don’t let your taxes get you down. By keeping accurate financial records, you’ll be able to figure out how much money to set aside each month to put toward your taxes at the end of the year. This sounds simple (and it is!), but many people don’t do it. Get in the habit of doing this and you won’t be taken aback by your taxes at the end of the year. We advice meeting with a CPA or Tax Preparer to help you determine what your estimated taxes will be.
Do your best to not use your physical cash; this makes it hard to keep track of your spending. Instead, use your debit or credit card, which will keep track of your purchases and the exact amount spent so your records will be accurate and can be tracked much easier.