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Start-Up Business Info #1

by | Aug 4, 2021

Have you ever been around someone who has this insatiable passion to do something no one else understands?  They might even get criticized or questioned for launching into a new endeavor that “doesn’t pay enough” or will never be a “real career.”  Those people, when they have a plan and unstoppable drive, are pioneers in the truest sense.  I love being around pioneers and I love when I get the opportunity to help them get closer to their dreams.

I’ve done a lot of small business consulting over the years and the successful ones have brought in experts to help them get started early, not late in the game.  If you’re considering launching a side business, a new non-profit, or a whole new full-time company, I encourage you to look beyond the excitement of your vision and make sure your infrastructure is in place to support your business as it grows.

Over the next few posts, I’ll be covering some keys to consider when starting a business.  Today, I’ll just start with setting up your accounting properly… well because that’s what I do for a living.  Here’s why it’s important:

  • Makes it easier to track income and expenses for you… you’ll actually know how much money you’re making
  • Your tax accountant will charge you less money… don’t hand over a box of receipts and expect a cheap bill.
  • You will likely save money on taxes because you’ll actually have a record of all of your expenses… you won’t be scrambling in April to recreate expenses.
  • Invoicing and receipts are much easier to generate if you use a software program than if you run everything off of a spreadsheet.

So, where do you start?  If you have some basic accounting knowledge, you can set up your business using many different online programs, one of which is Quickbooks.  If you don’t feel confident setting it up, hire someone to get you started.  And if accounting is like a foreign language or bad word in your world, you can actually contract out your bookkeeping full-time.  Have questions?  Email me and I’ll see what I can do to help.