While owning a small business is the America Dream for millions of Americans, the finance and accounting side of small business ownership can seem like a nightmare for many entrepreneurs. Even for those who’ve already successfully started their own business, handling the financial side is still a challenge for many.
It isn’t just about “keeping the books” either. There are a number of things to take into consideration that help set the foundation for your finances moving forward, including:
- Writing a business plan
- Opening a business banking account
- Deciding which bookkeeping method to use and which accounting software to use
- Creating a budget
- Monitoring and controlling your cash flow
- Deciding if you need a payroll service provider
- Best practices for keeping receipts and other tax-related documents
- Deciding if/when you need to consult a financial services professional
If you’re thinking about starting your own small business (or you’re already in business) and you’re struggling with the finance and accounting aspects, SCORE — a resource partner of the U.S. Small Business Administration — can help.
SCORE’s Free Online eBook
Working together with Deluxe Corporation, SCORE has developed “Finance Fundamentals” — a free online eBook designed to help you run your business more efficiently from a finance and accounting perspective. It focuses on six areas related to finance that a business owner needs to give their attention to.
- Business Plans
- Revenue and Expenses
- Cash Flow
The eBook then pulls together several fundamentals of small business finances for each of these areas:
- The important concepts and terms to know
- Deciding which tasks to manage in-house, and which can be outsourced
- Tips and tools for keeping your business finances in order
- Knowing when it’s time to call in an expert for guidance and help
- Real-world examples from businesses like yours
Download the eBook for more information.
Or, learn more about how SCORE can assist you to start or grow your small business.
Looking for tools to help grow your startup or small business? Visit the Small Business Resources Hub to find the information you need or sign up for Mentor Connection to build relationships with a trusted group of mentors.