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Easy Ways to Keep Track of Your Finances as a Business

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Friday, September 12, 2014

As a small business, your margin for financial error is practically non-existent, so keeping track of finances is one of your top orders of business. This occurs in a variety of ways from taking a systematic approach to inventory to investing in an experienced bookkeeper who can keep everything organized.

If the latter option isn't a reality at the moment, these tips can help you keep track of finances so your business remains viable for many years to come.

  1. Keep separate accounts. Many of us start out at home, so it's easy to use our own bank accounts and credit cards with the lofty goal of highlighting business expenses on monthly statements. However, that plan is dependent on you having the time to actually do that each month. It's not realistic. Instead, take a few minutes to go online or visit your bank to open a business account and credit card. Now your business expenses are all listed in one location, which makes it much easier for you to accurately track business expenditures and to do your taxes at the end of the year.
  2. Don't use business accounts for personal expenses. Period. There is not one single reason why your business account(s) should ever be used for personal expenses. The fact that you would have to do this indicates you need to get your personal financial affairs straight. Not only can this send your business into debt quicker than you can say, "Charge it!" - you run the chance of getting into trouble with the IRS later on.
  3. Track labor expenses. Labor expenses are usually the largest expense your business will incur. Don't add it all up into once lump sum. Instead, track labor expenses separately, including wages, benefits, perks, bonuses, overtime, etc. This will help you evaluate whether or not your system is working, putting you over budget or if there is some extra funds that could be used for added incentives.
Keeping track of finances is the best way to establish whether or not your business model is actually working or if some adjustments need to be made. Contact the workflow experts at PaperFree for more information.

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