No business owner looks forward to bookkeeping, but accounting gets even more complicated if you fall behind. Kirk Simpson offers 5 simple ways to stay on top of your company finances.
Categories Cash Flow Management
Cash isn't king. Positive cash flow is.
Sounds complicated, but cash flow is actually a very simple concept: how much money is going INTO your business (usually from sales and accounts receivable) vs. how much is going OUT (e.g. to office expenses, utilities bills, payroll, taxes, insurance, contractors and vendors -- and the list goes on). Managing cash flow is an ongoing process you’ll have to master -- so that, when a bill comes due or it’s tax time again, you have enough cash in the bank to cover your bases, pay your people and keep the doors open (figuratively or otherwise).
Do you know where your business stands today? How about six months from now?
Taxes: the bane of every startup’s existence, to be sure. But by being proactive, you can plan for your financial obligations and avoid headaches with the IRS down the line — here’s how.
No need to delegate every monetary task to the company accountant — especially if you don’t have one! Try these online bookkeeping apps instead.
Sometimes your potential customers need more than a nudge or a pop-up. They need nurturing, they need trust, and most of all, they need you to get your hands OUT of their pockets.