Entrepreneurship is the cornerstone of the american dream. Our entire economy is based on people who have been willing to take big risks to become new businesses owners. And, while starting your new business is exhilarating we know it can be really scary too. Between finances, marketing, operations, and personnel, there are so many different ways to drop the ball. But with a little time, and the support of a good accountant, your new business will be off and running in no time. Here are few basic things you need to remember when building your American dream from the ground up.
Track your expenses
Whether you’re opening a restaurant, starting a family business, or working as a freelancer for the very first time, it’s important to track all of the business expenses (and save the receipts) that you incur during the year. This includes the purchase of items needed to set up your business like computers and other technology, paper and office supplies. You should also track your mileage to and from meetings, as well as the cost of coffee or lunches you share with your clients.
Separate your business and personal finances
Even though your new business is small and a separate bank account seems like a lot of extra work, keeping your finances separate will keep you from financial risk. Plus it makes it much easier to track the money that comes and goes from your accounts. Many banks will allow you to link your accounts to make paying yourself easy.
Call an expert
When first opening a new business it can be tempting to pinch pennies wherever possible, but hiring a professional tax expert and bookkeeper will save you tons of money and hassle in the long run. As beginning business owners, we simply don’t know what we don’t know and your tiny mistake today can add up over time if you don’t have the right people and systems in place to catch it. Hiring a professional bookkeeper is something we recommend to companies of all shapes and sizes.
As the owner of this accounting firm I have first hand experience in how difficult and complicated it can be to start a new business. I see it every day, clients who made one small mistake and end up paying for it in the future. Plus, I’m a small business owner too. I know how you feel, and I can help. Contact me today for a free consultation and I’d be happy to help you with the next steps in building your new business.