As a small business owner, keeping your finances organized may just be another item on your already-packed to-do list. But by taking a few extra steps this fall, you can stay on top of your financial tasks without all the stress. Take a cue from the game this football season to have your finances organized by the playoffs.
1. Have a game plan: The first way to keep your finances organized? Be prepared! Use timelines to keep your business on track, and write down your goals and expectations. Set aside time for administrative and financial planning so that you don’t get behind on these two critical business areas. Set specific dates every month for these duties – like logging and paying bills and updating financial projections – and set calendar reminders for yourself so you don’t forget.
2. Practice daily: It’s important that you know your finances as well as you know the other aspects of your business. To do this, make it a daily practice. Track your mileage every day, log it every month and keep all of your receipts. Invest in good financial software – it will save you both time and stress – and be diligent when it comes to your administrative financial tasks.
3. Be a team player: You may own your own business, but you can’t do it all. Focus on what you do to generate revenue, and ask for – or hire – help for those areas that are weaknesses. Hire resources and have them at your disposal, such as a trusted banker and CPA. Work with these individuals to keep your taxes up-to-date and ask them to show you how to correctly use your financial software. Plan to have quarterly check-ins with them – think of it as year-round training!
4. Quarter -“back-up” your finances: Finally – remember that while technology saves us a lot of time and hassle, it can also crash when we least expect it. No matter what platform (such as QuickBooks) you use to track your financials, back it up frequently! A loss of financial records could mean financial ruin.
Telhio Credit Union has a variety of business products and services, such as checking accounts, lines of credit or business loans that can help your business succeed in any game. To contact a member of Telhio’s business services team, call 614-221-3233, option 6.
Telhio is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Marion, Pickaway and Union counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers six branching offices throughout central Ohio and nearly 4,000 shared branching locations nationwide. Additionally, Telhio credit union participates in the highest level of combined federal and private share savings insurance available, insuring deposit accounts up to $500,000.*
* Federally insured by NCUA. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.