As Martin LeFevre so often experienced while working as an accountant for small businesses, the owners of these ventures make daily decisions that often influence the economics of their companies to a high degree. This is one of several reasons why, as a small business owner, it is important to know what you are doing, or else hire expert help in the form of an accountant who possesses the necessary expertise to clarify your financial situation.
Before You Start Your Small Business
Let’s presume you haven’t opened your business yet. This is the time when you can set your venture up for a straightforward and transparent financial future. For that to happen, you need to invest in certain areas of the business.
Open a Bank Account
This should be fairly obvious, but people often use their own, personal bank account to handle the finances of their business. This shouldn’t happen.
Help the Accountant Track Your Expenses
It is important to work together with your accountant, letting them know about your expenses. For best results, develop a system right at the start. You can go old school, using a notebook, or invest in a computer. The latter will happen sooner or later anyway, so you might as well start with a computer.
Determine Your Payment
When your business takes off the ground, you have to determine the way or ways in which you’ll accept payments. There are services today (like Shopify) that do not require you to set up a merchant account just for this purpose.
As an accounting expert who worked with several small businesses throughout the years, Martin LeFevre hopes that future business owners won’t ignore the tips above before starting a venture.
