Categorized | Finance, Taxes & Banking

Finance, Taxes & Banking 2.0

Shoestring Venture: The Startup Bible (1st Edition)Very few people go into business because they love accounting, bookkeeping, taxes, or fretting about where their cash is coming from . . . or where it’s going. Realistically, however, what makes a business a business, as separate from a hobby or a job, is that it’s about money. Money coming in. Money going out. So to run your own business, even on a shoestring, means you have to structure the money flow and account for it somehow. Even if you hire a full-time finance expert to do all the number-crunching and the money-worrying for you, as the owner of your business, you have to be totally on top of your financial structure, your financial measures, and your cash flow. Fortunately, you don’t need to slog through graduate-level finance textbooks to get a good handle on your finances.

There are three areas of finance you need to master at even the most rudimentary stages of you business. The first is your financial structure: where does the money come from to run your business? How do you find that money? How do you account for the money? How do you know you’re making or losing money?

 

 

 

The second—and this is a painful subject for most non-financial folks—is taxes. Your government wants its portion of what you earn and they won’t be refused. What do you actually owe in taxes and when? How do you structure your finances and money flows to minimize the taxes you owe? How do you avoid getting thrown in the clink?
The third is the least painful to master: banking. Your business runs on money flow; your business accounts are the primary place where your money flows in and out, so it’s important to get the best banking services at the best price and greatest convenience.
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