For many people, owning your own business is the ultimate dream. When you’re cooped up in an overheated office, staring out at a grey, clouded sky, it’s easy to believe that working for yourself has to be better. With your boss breathing down your neck, and your manager trying to bring your deadlines forward, it might even seem paradisaical.
Gen Y Finances: 2017 could be most successful year in your life!
The truth is a little different. Owning your own enterprise has its perks, but it also has its downsides, and it carries a lot of responsibility. Without the internal mechanisms of legal, accounting, and admin teams to take care of the financial side of things for you, the burden falls squarely on your shoulders, and you need to get it right.
To help you out, here are three top tips for you to follow…
#1: Inform Yourself of Your Obligations
As is the case with everything in life, it helps to be informed, and one of the best ways to stay on top of your finances is to make sure that you understand your obligations. Spend some time looking up the laws and rules regarding taxation, and make a note of any important information. The government website is a good place to start, but you’ll also find plenty of handy articles and blog poststo help you, which will tend to use slightly simpler explanations. Abide by the obligations these cover to get off on the right foot.
#2: Keep Accounts
In its simplest form, making a profit is a simple case of balancing the books, so it’s always a good idea to keep track of your income and outgoings. Make sure that you know exactly where your money is coming from, as well as what you’re spending it on, and in doing so identify your strengths and weaknesses with regards to your profitability. Try to build on the former and rectify the latter, and your turnover could see a rather impressive turnaround.
#3: Liaise with the Professionals
Of course, not everyone will be money minded, and if you’re not, it’s okay to acknowledge this. If figures make your head swim, and you’re hopeless at balancing the books, then don’t be afraid to hand the hard work over to the professionals. There are plenty of enterprises like Just Accountants in existence, all ideally equipped to do the tasks that you can’t. Give them a call and explain your needs, and they’ll soon have your finances in order.
Follow these three top tips today, and get on top of your finances now.