HONOLULU (HawaiiNewsNow) - Today we’re going to discuss a very important topic for anyone who runs a small business: how to keep your finances organized.
To help us is Adam Morris from Bank of Hawaii.
The key is to set things up properly so you’re organized and efficient. For example, make sure you separate your personal finances from your business finances with separate checking, savings and credit card accounts, so you can track expenses and income just for your business.
Another key is not to procrastinate dealing with the financial side of your business. Small business owners are so busy, it’s easy to put off dealing with things like receipts, expenses and bookkeeping.
But if you wait too long to deal with the paperwork, you’ll forget what the receipts are for. So try to set aside some time each week to deal with the smaller amount of paperwork before it comes a mountain.
One big thing that can really help small business owners organize their finances is software. There are all kinds of programs that help you do everything from track expenses to send and receive payments, handle online transactions, create a payroll, and maintain business accounting.