Page 13 - Demo

1 0 Educate yourself 3 0 ‘track your business expenses
first educate yourself about the various In order to build a solid business and track
aspects of business financials. According to growth, you must track your expenses
Hufiingtonpostcom, some of the best websites elficiently. Keeping your financials organized
with credible information are: allows you to monitor yowth, keep track of

. w,,,w,5,,.aubime,.d5_mm deductible expenses and prepare fortax

_ www Boss Mo n imes mm season. There are different methods to

‘ ‘ 5‘ Vt ‘ tracking your expenses. which method you
' V"'W7”19591fe"1PlW9d-C°m follow is ultimately based on your preference.

There are multiple free online learning The most common methods include using an
resources found on the Los Angeles County Excel spreadsheet or an accounting software,
Library and San Bemardino County Library such as Quickbooks. There are also many
websites. with your library card, you will have business expense apps for free or a small fee.
access to online instructional videos that cover

the latest software, creative thinking and 4

"“5'“°5’ 5"'“5- 0 Have a clear understanding of your

To get started visit revenue and expenses

‘ WWW~'3'~‘|‘""W“b'lW-0|!/l€¢"| Vou cannot grow your business if you don't
. w.,w_5|,di|m;g["omu;p; know your numbers. If you know the answer to
the following questions, then you have a clear
understanding of business financials.
0 Separate personal expenses from
business expenses - on average, how much does each day of
. business cost you?

one ofthe most common mistakes small _ H h d b .
business owners make is mixing their personal M "M me""e W5 y°"" "mess
and business expenses. Keeping them separate ge"°"“e every day? ’ ‘

not only reduces problems and confusion but ‘ D0 W" MVP 3 '|'li|’k9i|"§ budget If 50 MW
also makes it easier to manage your financials. much are you investing in it?

Here are a few ways you can achieve this: . Me ym. accounting for repairs?

- Open a business checking account . Do you need to invest in mingngsg

‘ 5°‘ 3 h“5i"955 "edit 53'“ - Do you need to expand your inventory?

- Pay yourself a salary - What's your payroll cost?

' Sella???-E V0"? TECBMS - Can you cut any of your costs?
Understanding your business finances allows you to make smart
decisions on where to invest your money and helps you know ifyou
are earning enough to keep your business open.

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