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#Business finances for dummies how to#
#Business finances for dummies full#
#Business finances for dummies software#
#Business finances for dummies free#

And it integrates with both QuickBooks and Xero. Additionally, you can log billable hours. Expensify also lets you scan receipts with your phone and track mileage. It automatically captures every mile you drive and you swipe to indicate if the mileage was personal or business. Oh, how I wish I had had this app when I worked in the corporate world (I drove a lot of miles). It will be automatically turned into an accounting transaction. If you choose Wave as your accounting program, their Receipts by Wave app will help you stay on top of your receipts, so that they don’t end up crumpled in the bottom of your purse (or does that only happen to me?) Simply snap a photo with your iPhone and send the receipt to your Wave account. Mobile apps make it easy to organize various aspects of your finances. Take advantage of mobile appsĪs a small business owner, you have a lot going on.

#Business finances for dummies full#

For all the details, check out their full review here. You can see a summary of their findings in the chart above. They ranked them on six key aspects like ease of use, syncing, etc.

#Business finances for dummies software#

My friends over at Crazy Egg did a comprehensive analysis of several popular accounting software programs.

Does it provide enough bells and whistles or too many? What is the learning curve?.

What about integrating 3 rd-party e-commerce platforms?.

Can your credit card processing be integrated?.

Do you need mobile access? What about multiple users?.

Do you have employees? Is payroll processing supported?.

Do you have clients that you need to track? What about vendors?.

What kind of financial reports are available?.

What level of income & expense tracking do you need? How granular do you want to get?.

QuickBooks, Wave, Zoho Books, Xero, and FreshBooks are a few examples of the best apps for small business owners.īefore you decide on an accounting program, think about the needs of your business.

#Business finances for dummies free#

There are a lot of free and low-cost accounting programs available and they will save you headaches down the road. Sure you could keep everything in a spreadsheet, but that might get unwieldy.

In Evernote, this is as easy as adding a year tag to the note. You can set up a notebook for all your business finances and then use tags to organize the various types of records If you choose to keep paper records, then consider buying a filing cabinet or pretty file box.įor digital filing, I recommend Evernote.

#Business finances for dummies how to#

Wondering how to organize your small business filing system? Whether you choose to go with a paper or digital filing system, here are some of the items you should keep: Remember, you don’t have to use that credit card or credit line until you need it. It’s much easier to establish credit now. You never know when you will need help with cash flow. When I was a banker, we always encouraged our small business customers to establish a credit line before they needed it. Get a business credit card or small business line of credit By setting money aside on a monthly basis, you ensure that you have cash on hand to make quarterly tax payments. This amount should be sufficient to cover state and local income taxes, as well as self-employment taxes (however, your amount may vary, so be sure to check with your tax advisor). Multiply EBIT by 25% to 30% and move that amount into your business savings or money market account. This is simply your revenue for the month, less your operating expenses. Each month you or your accountant should calculate your earnings before interest and taxes (EBIT). This is what the short-term savings account mentioned in tip #1 is for. It’s much easier to manage your small business finances if you aren’t trying to dig data out of your personal accounts. This is a requirement if your business is organized as an LLC or corporation, but you really need to do it if even if you are a sole proprietor. You shouldn’t have any business transactions flowing through your personal accounts and you shouldn’t have any personal transactions flowing through your business accounts. Open a business checking account and another account for short-term savings (a savings or money market account). If you commingle your funds, then it will be a disaster come tax time. Set up separate personal and business banking accounts For more information, see my full disclaimer here.

This post contains affiliate links, which means I receive a small commission if you make a purchase using this link. These seven easy tips will help you manage your small business finances and stay organized. Manage small business finances? That’s an easy one to put off for another day. As a small business owner, there is always something that needs to be done.