040 New to Business? Set Up Your Finances Right from the Start!

Congratulations on starting your very own business! Today I'm going to explain the basics of bookkeeping so you can keep things clean and simple right from the start.   Business Structure: Identify your business structure. OK, your business is either going to be a sole proprietor, an LLC or an S Corporation. Know this from the beginning so you can pay yourself correctly.   Separate Business Accounts: You definitely want to have a checking account that is separate from your personal checking account. And then you might also want to have a business savings account, too.   Profit First Method: Check into the Profit First method to see if you're interested in that.   Do You Need a Credit Card: You don't need to have a credit card. That's up to you. It depends on what your beliefs are around debt.   Bookkeeping System: Set up a system for your bookkeeping. You can use a spreadsheet at first, but the decide what kind of software might make your life easier.   Tracking Your Cashflow: You need to keep the actual receipts. I bank statement isn't enough. Set up a routine so you are regularly attending to your bookkeeping and looking at your finances. Understand your cashflow. When is money coming in? When is money going out? What is your budget? And of course, please pay yourself. Make sure that your business supports you!   Here are the ways we can connect: Reach me: https://erikamillard.com/contact Learn: www.erikamillard.com Email: [email protected] Instagram: @erika_millard   Mini Course- Get Comfy with Budgeting https://erikamillard.com/budget   Get Comfy with QuickBooks https://erikamillard.com/get-comfy-with-quickbooks   Don't forget to download the free Monthly Bookkeeping Checklist: https://erikamillard.com/bookkeeping-checklist      Happy Bookkeeping!