Jeremy Priestley is a successful entrepreneur and former accounting expert who worked with many different businesses to help them stay on track. He has since moved into corporate restructuring services, but he has three tips for business owners who need to handle their accounting work better to grow and become more organized:
- Keep it separate.
After you start a business, it’s important to keep your business and personal bank accounts and cost analyses separate. Jeremy Priestley knows from experience that trying to manage both personal and business financial accounts can be difficult and cause mistakes on both sides. Don’t try to sort out personal and business expenses later; keep them clearly separate and record them as such.
- Hire a professional.
When your business is small and just trying to make it to the next quarter, you probably won’t have the capital to spend on a professional accountant.After you find some success, you’ll need more help managing all the money you’re making and how much you’re spending to keep the business moving forward.
- Stay organized.
It’s easy to throw financial reports and figures into a binder at the end of the night and walk away, but creating and sticking to an organizational system will only help your accountant and financial team keep track of your figures and data.
Jeremy Priestley has seen how messy a small business can become because of poor accounting practices and business owners trying to figure out how to shave costs and increase revenues by themselves.