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Money Management for Businesses

Money Management Tips for New Business Owners

Thank you to today’s guest blogger, Jim McKinley of MoneywithJim.org.

Are you building your own business from the ground up? If so, you might be hyper-focused on your finances right now. After all, when you’re starting a business, you’re spending lots of money without bringing in high profits! Implementing smart money management strategies is key. From choosing a reliable payment processing system through a reputable brand like C5 Merchant Solutions to forming an LLC, these tips will help you master money management as an entrepreneur.


Choose a Payment Processing System

The right payment processing system will allow you to monitor your business expenses. You’ll want to go with a payment processing broker who will enable you to lock down a competitive, transparent rate on credit card processing fees. You should also make sure that whichever point-of-sale system or accounting software that you purchase lets you select your preferred payment processor rather than forcing you to use their company’s solution – you don’t want to give too much control over your business to one corporate entity.

Finally, double-check that the company providing your payment processing system will allow you to get in touch with a dedicated and responsive customer service team when you run into problems – you don’t want to get stuck talking to a chat bot or automated response system when you’re dealing with financial issues!

Form an LLC for Your Business

Forming your company as an LLC will grant you financial perks, including additional tax breaks, limited liability, and flexibility in your operations and management structure. Just make sure to check the rules for your state, as the regulations can differ depending on where you live. To get started, you can work with an affordable online formation service such as Zen Business rather than paying high lawyer fees or filing on your own.

Get Organized for Tax Season

Entrepreneurs should keep detailed, organized financial records with information about all of their expenses and income throughout the year so that they won’t be caught off guard when it’s time to pay their taxes. Naturally, you’ll want to choose a great accountant to help you file – Fleximize recommends choosing an accountant who offers services that go beyond the fundamentals, such as creating marketing plans or securing capital through grants. They can help you determine your financial priorities, such as investing in digital marketing and eschewing expensive courses and conferences.

You can also use convenient accounting and budget tracking apps to stay on top of your finances. If you have an older phone that runs slowly, you could consider upgrading to a new model that will allow you to download and use these apps. Check out seasonal sales and limited-time offers from wireless providers to score a discount device.

Understand Your Priorities

As a business owner, you have endless responsibilities – from marketing your products to meeting with clients to adjusting your budgets, you’re always busy. And on top of all of this, you can’t neglect your personal finances, either!

Managing your company’s finances doesn’t just mean finding ways to save – it also means making savvy investments. And hiring your first employees so that you can delegate certain tasks will allow you to spend your time on your priorities and outsource the rest! Talkroute recommends hiring employees (or independent contractors) before you need to turn down work for lack of time – you don’t want to miss out on profits because you have no wiggle room in your schedule. You’ll still want to be one handling meetings and overseeing the launch of new products or services, but you could hire a social media manager, email marketer, or even a personal assistant.

If you’ve just launched your own business, money management can be overwhelming. But as you develop systems that allow you to get a handle on your finances, you’ll find that it isn’t so complicated. By following these tips, you’ll feel confident when it comes to managing your company’s finances.

Want to set up a contactless payment system for your business? C5 Merchant Solutions is the answer! Call us today at 757-683-0123 with your questions.

Photo via Unsplash