Hire a pro
After all, there is no better person to do this job than the one who has the knowledge and years of experience in the field. Accountants have insider’s knowledge of how things work and can help you save a lot of money and headaches.
Plan any major expenses
Thinking ahead is the best way to save money and keep track of your business finances. Plan any major investments or business expenses that may arise in the following years and be prepare for them. If you think your office might need an upgrade or a renovation, set some money aside, instead of taking a credit, when the need arises.
Check your invoices
Keep an eye on your invoices to make sure there aren’t any late or unpaid bills. You can use your accountant or assign someone to track your billing. Remember – every unpaid and late bill comes with penalties such as extra fees.
Maintain your records
Make sure that you keep all your receipts organized, so you can easily track your expenses. Ensure that they are put in a safe place – one of the top reasons for lost records is actually the documents being destroyed or washed.
Separate your personal and business accounts
As people say – never mix business with pleasure. It’s very easy to lose track of your finances once you start funding your business from your personal account. Set a special business account for all of your business expenses and bills, and another one to cover your living expenses.
