![]() ![]() In just a few extra minutes, you can streamline the time needed to pay bills with some simple one-time automations.” “However, this is a huge mistake that many business owners make. “If you dread a task, like paying your bills, then you won’t feel any incentive to spend more time on the task,” warns Belinda Rosenblum, CPA, and founder of. “Having a dedicated business bank account-for operating expenses, taxes, emergency fund and long-term savings-will help you make more informed purchasing decisions, and you’ll never run out of money to pay taxes, bills and yourself.” “Have four business bank accounts to manage the money coming into and out of the business,” she says. Better yet, use multiple accounts, suggests Sylvia Inks, business and financial coach at SMI Financial Coaching, and author of Small Business Finance Book for the Busy Entrepreneur. In the end, it should provide some direction on where to focus your energy and effort for the greatest success.”Īt a minimum you want a business bank account to separate your business and personal finances. This will also tell you what is working and what may not be. “With so many moving parts, it is important to know exactly where your sales are coming from. “If you are pivoting to meal kits, grocery boxes or even a boxed lunch that you’ve never offered before, create new categories for these items in your POS or invoicing system,” recommends McDonough. Make sure your POS and invoicing system is up-to-date and provides you with the insights you need to manage your business. Here are five expert tips to help you organize and streamline your business finances. When the economy moves into recovery, those businesses will also be at a significant advantage. Yet the last few months demonstrated that businesses with well-organized financial systems have found it easier to get help through COVID-19 relief loans and other assistance programs. Caterers are no different,” says Kristy McDonough, a consultant who helps food-based businesses make more money by developing and systematizing new revenue streams. “So many food-based businesses are pivoting right now, and pivoting in multiple directions. Organizing your finances may be the last thing on your mind right now, especially if your business is just struggling to survive. ![]() If you aren’t tracking each revenue stream, you may not know where to double-down. ![]()
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