Running a business by yourself certainly has its challenges. You can’t just be effective in running your daily operations, you have to be equally good at managing your company’s finances too. To help you with that, here are a number of useful tips that accounting firms have shared:
Keep Expenses Separate
You need to keep business expenses separate from personal ones. This means that your business credit card should strictly be used for business expenses only and your personal expenses must be charged elsewhere. This way, you don’t have to spend a good amount of time classifying expenses the moment your bill arrives. Doing this will also make it easier to track tax deductible expenses.
Accelerate Your Cash Flow by Employing Mobile Payment Systems
You can always wait for your payment to come in via bank deposit or wire transfer, but the collection process will be a lot faster if you employ mobile payment systems. Read more from this blog: http://bit.ly/2go2Tti
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