How do you manage your business finances?

Question

Does finance paperwork and admin take up too much of your time? What tools and software do you use for banking, accounting and payments?

Juan Andrade · Accepted Answer

I used to ignore it for a month and try and rush through it on weekends. Glad I don't have to do that anymore (:

James E Heyward CPA · Answer

I prefer Xero and corpay.

Answer

I am self-employed, so I do not have an organization that pays for my financial insurance - https://experiorfinancial.com/re... In addition, because my salary is variable, it is difficult to pay costly premiums regularly. Thus, I need a retirement plan that gives me the flexibility to pay my premiums.

Merill Heebner · Answer

Separate your personal finances from your business. This is probably the first rule that should be taken as a rule that even experienced entrepreneurs do not always adhere to. It is important to separate the cash flow when buying things needed for business and personal use, cash for entertainment expenses, and paying for dinner at a restaurant with friends. This is so that your business has a liquid net worth. If you don't keep separate records, you can't properly assess the performance of the capital in your business, you can't analyze costs, and you're worse at forecasting expenses. Moreover, you increase the risk that you won't even notice the business's financial difficulties becoming personal!

How do you manage your business finances?

Replies