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Time to Take Action Now To Get Good Business Finances
It is time to take action and get good business finances. Your business will not control its finances all on its own. If you do not mind your money, no one will.
At the beginning of each year, people and business owners all across the world take time to assess their business’ financial condition. For some business owners, the beginning of the year is the only time the financial condition of the business is examined. If you are a business owner who only pays attention to finances at special times of the year like the beginning of the year and tax season, it is time for a change.
It is important to have a good relationship with your financial condition.Money is not a dirty word. Finance is not a dirty word. When you are an entrepreneur, you have an obligation to pay attention to the financial condition of your business. You should always be aware of the key elements that impact the financial condition of your business. These elements include:
Cash flow
Balance sheet
Accounts receivable
Accounts payable
If you want to read more about succeeding as an entrepreneur, check out:
Cash flow, in its most basic form, is the money that comes into and out of your business.
A balance sheet, in its most basic form, compares the assets and obligations of your business. In order to stay in business and be profitable, assets must outweigh liabilities. Assets include things like cash, real estate, equipment, and money due to your company. Liabilities include things like payments due to others, and subscription expenses.
Accounts receivable, in their most basic form, are payments from others that are due to your business. You must keep track of your accounts payable and take special care to collect money that is due to your business in a timely manner.
Accounts payable, in their most basic form, are the payments that your business owes to others. In order for your business to have a good reputation and a good credit rating, you must make sure to pay your obligations as they come due.
It is important to pay attention to these items at all times. The numbers represented by these items should always be available in an entrepreneur’s mind. When you make decisions about whether to give an employee a raise, whether to purchase equipment, and even which office supplies to buy, and when you must keep these items in mind. Your finances should never be an afterthought. On the contrary, your finances should be the forethought, an important factor in all your business decisions.
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It is a magnificent time to take action now to get good business finances. So, the question for you on this magnificent day is, do you have a plan for handling your business’ finances?
37 thoughts on “Time to Take Action Now To Get Good Business Finances”
This is helpful for this time of year. I need to get clear on my finance plan.
Keep track of your income and expenses even if in a little notebook and you will feel better come tax time.
I am also a spread seet woman. The spreadsheet helps me keep all the imporant numbers at my fingers all year long when I need them.
As a fellow wife of an account, I wish a peaceful remainder of the “tax season.” I know our husbands will say it is tax season all year long.
Yes, now that the taxes are driving you crazy, it is a good time to set things up so next year will be better come tax time.
You are right. It is so important to look over your finances and keep everything in check.
This is an excellent blog post. Too many businesses fail when they could have been successful for the simple reason of not having a balance sheet. Even if your business is really small, getting your business finances in order is very vital. http://www.sba.gov has an excellent business plan template that has a financial section. You can do cash flow statements, balance sheets, etc in a short amount of time using their templates
Thanks for these great tips. Sometimes I tend to let that side of my business slack
Great information. Thankfully my husband has our finances organized!
We are terrible with our finances! I have not even started on my business taxes and I only have a few days.
Janeane as I get my taxes together I know how important it is too pay attention to your business house in order. Thank you for sharing information.
Great Tips as always. I’m no longer scared to look at my account as i’m more organized and better with my cash
It feels so much less hectic when you have a system in place!
I am just starting into making money with my little blog business, thanks for the reminder!
Smart finances are a necessity not a luxury.
We just had our taxes done so this is timely
I am terrible with finances. I’m the first to admit I give away to much money to help others.
Finances are so important! As Dave Ramsey would say, “every dollar has an assignment.”
Since it’s tax time, finances are on the brain. It’s hard to do better each year when you just have to own more! Ack!
We got organized a few years ago and thankfully have kept it up. Great tips here
good info – now that tax season is over
Great post Janeane for April. It’s Financial Literacy Month! 🙂
Yep, you have to know what’s due and where the money is going. I agree too, with the quote. 🙂
So true and I just had all my taxes done and filed with the accountant. Great tips here.
This was really informative. Taking an interest and responsibility for your finances is SO crucial!
This is really informative! It good to get your finances together I want to do better in this year will all of mine!
Keeping up on fees due each month is essential. Getting behind can make things so difficult in the future.
It is definitely a good idea to have a GOOD relationship with your money. Especially as tax time is just around the corner!
This is my first year as a business owner, so I am new to this concept. I am a little nervous about what my taxes will look like next year.
I need to be better with my finances especially when blogging.
I try to stay on top of my business finances with a pretty detailed and inclusive excel sheet. Keep it updated helps me a ton at the end of the year!
Great tips. Thanks for sharing them with us.
I’ve done an extensive Excel Sheet …to keep track of all my finances and it has been working wonders
I am good at keeping income numbers but not expenses. Need to be better for tax time.
I need to keep better records for my taxes- sigh. Thanks for the tips.
My husband is an accountant, so I am all set in the finances department 🙂
As I gather forms for my taxes I think of how much easier it would be if I weren’t so scattered. This is a good reminder to get a better system in place.
This is helpful for this time of year. I need to get clear on my finance plan.
Keep track of your income and expenses even if in a little notebook and you will feel better come tax time.
I am also a spread seet woman. The spreadsheet helps me keep all the imporant numbers at my fingers all year long when I need them.
As a fellow wife of an account, I wish a peaceful remainder of the “tax season.” I know our husbands will say it is tax season all year long.
Yes, now that the taxes are driving you crazy, it is a good time to set things up so next year will be better come tax time.
You are right. It is so important to look over your finances and keep everything in check.
This is an excellent blog post. Too many businesses fail when they could have been successful for the simple reason of not having a balance sheet. Even if your business is really small, getting your business finances in order is very vital. http://www.sba.gov has an excellent business plan template that has a financial section. You can do cash flow statements, balance sheets, etc in a short amount of time using their templates
Thanks for these great tips. Sometimes I tend to let that side of my business slack
Great information. Thankfully my husband has our finances organized!
We are terrible with our finances! I have not even started on my business taxes and I only have a few days.
Janeane as I get my taxes together I know how important it is too pay attention to your business house in order. Thank you for sharing information.
Great Tips as always. I’m no longer scared to look at my account as i’m more organized and better with my cash
It feels so much less hectic when you have a system in place!
I am just starting into making money with my little blog business, thanks for the reminder!
Smart finances are a necessity not a luxury.
We just had our taxes done so this is timely
I am terrible with finances. I’m the first to admit I give away to much money to help others.
Finances are so important! As Dave Ramsey would say, “every dollar has an assignment.”
Since it’s tax time, finances are on the brain. It’s hard to do better each year when you just have to own more! Ack!
We got organized a few years ago and thankfully have kept it up. Great tips here
good info – now that tax season is over
Great post Janeane for April. It’s Financial Literacy Month! 🙂
Yep, you have to know what’s due and where the money is going. I agree too, with the quote. 🙂
So true and I just had all my taxes done and filed with the accountant. Great tips here.
This was really informative. Taking an interest and responsibility for your finances is SO crucial!
This is really informative! It good to get your finances together I want to do better in this year will all of mine!
Keeping up on fees due each month is essential. Getting behind can make things so difficult in the future.
It is definitely a good idea to have a GOOD relationship with your money. Especially as tax time is just around the corner!
This is my first year as a business owner, so I am new to this concept. I am a little nervous about what my taxes will look like next year.
I need to be better with my finances especially when blogging.
I try to stay on top of my business finances with a pretty detailed and inclusive excel sheet. Keep it updated helps me a ton at the end of the year!
Great tips. Thanks for sharing them with us.
I’ve done an extensive Excel Sheet …to keep track of all my finances and it has been working wonders
I am good at keeping income numbers but not expenses. Need to be better for tax time.
I need to keep better records for my taxes- sigh. Thanks for the tips.
My husband is an accountant, so I am all set in the finances department 🙂
As I gather forms for my taxes I think of how much easier it would be if I weren’t so scattered. This is a good reminder to get a better system in place.