Tips for Managing Your Money When You’re Self-Employed – Part 1

CPA Long Island

Someone that is self-employed has all of the fun of owning and running their own business. However, they also have all of the responsibility, too. To keep your bottom line in the black, establish ground rules that deal with your finances, both personal and business, and establish separate bank accounts for each.

It’s essential to separate your personal expenses from that of your business. Whether you use a credit union, local bank, national financial institution, or online bank; you need to set up individual accounts. This way, you can tell exactly where you stand in your personal life and with your business finances.

As the business owner, you have has the responsibility of paying the taxes. Be sure you put away enough money to pay these before they are due for both your business and personal taxes.

Consider buying software that helps you keep track of all of the numbers. This is much easier than keeping paper books, and you always have ready access to the information you need. This works well for you as an individual and as a business owner.

When your inclination and time don’t allow you to go through your accounts as often as you need to, turn to a respected accounting firm on Long Island, NY. Look for a firm that has an established clientele and great reviews. That way, you have the guidance of a money expert to help you know exactly what the numbers say at any point in time.



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