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Hello Community! Starting a business can be a tricky process, especially for women. As part of Women's History Month, QuickBooks has partnered with a successful woman entrepreneur to discuss the importance of setting up proper financial systems for your venture. It is essential to take your side hustle seriously from the start and treat it as a proper business.
This blog post highlights three tips that will help any entrepreneur set up proper financial systems to succeed. Preparing financially is a crucial part of achieving business goals and growing your company. So let’s take a look at the 3 tips from Erin:
1. Separate your business finances from your personal finances
Use separate accounts for business income and expenses, such as a business bank account and credit card, to maintain a clear distinction between personal and business finances.
2. Learn how to track your business income and expenses
Utilize software, such as QuickBooks, to manage business cash flow and track finances in an organized manner. Link business accounts to software and categorize transactions to remain up to date.
3. Organize all of your business and tax documents in one place
Keep important documents, such as EIN confirmation, LLC information, and W9s, in a physical folder or digital folder on your computer. Write down important tax processes, so you don't have to reinvent the wheel come tax time. Give your CPA access to your financial software to provide them with up-to-date information.
To sum this all up, it is crucial to learn about business finances and create a strong financial system, preferably before scaling your business. Doing so will not only save you time and headaches but also help in quicker growth and scaling. So make sure to treat your side hustle as a proper business to achieve success sooner!
See you next time!
