Accounting & Finance is not an area I would claim under my expertise. While I’ve taken courses in both at the undergraduate and graduate level, it has never been a topic I’ve felt particularly interested by, beyond how much profit and income am I making in my business. 🙂
However, it is a super important area to make sure you are tracking and staying on top of in your business for many many reasons, that go much deeper than, “how much money am I making.” So, I’ve gathered some resources from around the interwebs for your guys to help make sure that side of your business is well taken care of.
I highly encourage you to at least have in place:
- A system for tracking money coming into and out of your business
- Business finances separated from your personal finances
- Know and understand your tax liability
- Having bookkeeping at a minimum be a monthly activity as part of running your business
Go To Resources
If you want to dive deeper on your own into your business finances here are two courses to guide you through just that.
I highly recommend that you have software in place to track your income and expenses. Here is a list of a few to get you started, there are a lot of different features offered depending on what your business needs. If your finances are not too complicated yet and you simply need to track basic expenses and income I would go with Wave or Zero.
When you are just getting started, you don’t have to have a complicated system in place.
Here is what you absolutely need:
- Know what documents you need to be saving
- Know what taxes you need to be paying, so you aren’t f**ked come April
- Track all transactions
The best advice is DO NOT wait months into your business to start worrying about it, even if you aren’t bringing in money yet, you better be tracking those expenses. Getting your money in order doesn’t have to be complicated, just get a simple system in place and start tracking. You can make it more complicated later. 😉