JACKSON, Tenn. — In today’s consumer watch: money management tips for small business owners.
To manage small business finances, keep your personal and business finances separate to avoid personal financial liability.
Create a budget, create a realistic budget to control spending and plan for growth.
Track cash flow, ensure that cash inflows and outflows allow you to pay bills and meet payroll.
You can also invest in growth, set aside money to look for growth opportunities.
Pay yourself, pay yourself a reasonable salary from your business’s earnings.
And stay on top of taxes, consult financial experts if needed.
“Small and mid-sized businesses, they are really the lifebloods of our economies and communities, and there are over 33 million of them in the U.S., but only four percent say that they’ve really ditched their manual and paper processes. And so as we think about small businesses really looking to grow and thrive, being able to automate their finances is key to that,” said Sarah Acton.
Acton also recommends that you keep organized, timely financial records and build an emergency fund to handle unexpected expenses or downturns in your business.
