Setting Up Your Bank Account, Business Entity and Record Keeping

Welcome to Episode 4 of Season 1 – Setting Up Your Business Accounts, Entity and Record Keeping Season 1 of the podcast is all about how you can start your first profitable online business. This season draws its shows from the free downloadable resource 'The 13 Steps to Creating Your First Profitable Online Business.' In todays show we cover setting up your business account, busness entity and record keeping. Bank Account Before spending your first dollar you absolutly MUST have a business bank account! To mix your personal and business spending is to invite the tax man to go through your business with a fine tooth comb! Remember that cash is king!  Forgt GAAP accounting as this does not take human nature into consideration.  Set up the following accounts: Regular Expenses Irregular Expenses Profit Tax Most entreuenuers don't pay themselves as their is nothing left! Make paying yourself and paying to the profit account your first priority! Business Entity Chat to your accountant to find out what business entity suits your needs. Your accountant can also tell you what expenses are important to track for claiming expenses. Get your accountant to look over your taxes before you submit them. Record Keeping My suggestion is to use Fresh Books (I have no affiliation). There are other platforms, but the important thing is that you are keeping records!   I look forward to reading your questions and comments! Make sure to subscribe to the podcast so you don't miss any further episodes. Our next show will be on 'Setting Up Your Email Marketing Service'.  Show Sponsor: This show is brought to you by my coaching program: Business Success Foundations. This is an 8 week coaching program that covers all the essentials so you can start your first profitable online business. Stop dreaming about being your own boss and design the life you love by getting your online business off the ground! Earn Good Karma Points By Leaving An iTunes Rating & Review If you love all the valuable free content you're getting from the show then I'd love for you to get rewarded with good karma points by leaving an iTunes Rating & Review. It's simple, it takes only 2 minutes and I even have a tutorial for you HERE. Not only will you earn good karma points, but you'll be helping others just like you to find this valuable resource. Not to mention, you'll be providing me with motivation to keep creating great content for you