Fix Your Business Finances in 2013

by Antonina Geer, Co-Founder of Kingdom Driven Entrepreneur

Now that the tax season is officially over, you may be thinking about how you can better prepare yourself for next year…especially if the 2012 tax year was a headache for you. As a financial strategist and virtual CFO for entrepreneurs, this is one of the questions I frequently get from clients. Here are a few tips to get you started in the right direction:

If you need a financial consultant on your team to help guide you with the financial matters your business, visit Antonina’s website at http://SimplisticFinancials.com and complete the “Schedule a Free Consultation”

1. Money Loves Attention! Managing your business finances doesn’t have to be complicated and here’s the simple fact: The numbers in your business tell a story. When you are tracking the money inflow & outflow in your business and managing it on a regular basis you’ll start to see the cash in your bank account increase.

2. Separate Your Personal and Business Finances. Regardless of the amount of revenue your business generates, you should be keeping your personal and business finances separate. If you haven’t already, open up a business bank account and ensure that all your business related transactions are done with your business debit/credit card.

3. Get Acquainted With 4 Documents. Whether you’ve outsourced much of the financial management or you’re handling it yourself, you need to know 4 documents for your business: the balance sheet, income statement, cash flow statement, and the financial abundance plan (budget).

4. Get Organized! Organization is so important for managing your business finances. Are you keeping accurate records? Be sure to keep (and organize) receipts, keep good mileage records, and take advantage of tax deductible expenses!

These are a few tips to get you started right. It’s not too late to make the adjustments needed for your business!