Reply To: Hi there, I run a small online retail business selling womens evening wear.I am looking for advice or help with setting up my finances the right way, in regards to separating the business from my self, keeping a track of income and expenses the most easy and sufficient way (if possible) and setting aside earnings for tax. I am 22 years old with minimal knowledge in business, Any help would be greatNga mihi nui !


I’d suggest you make the decision right up front as to whether you want to (and are capable of) having a hands on approach to your finances/tax/reporting. My steer is nearly always that at the start, you need to get your hands dirty with this stuff. Why? Well, if you don’t understand them, your ability to know about your businesses cashflow, profitability, tax and timings will be impacted.
How – get a professional to help you set things up from the outset so they’re aligned with some best practice, then use one of the cloud based accounting/reporting apps (probably xero) and just get into it, with the help of online tuition, youtube etc you’ll become a pro in no time. As you grow and can afford it, you can outsource it.
One caveat – if you’re awful (like numerically dyslexic) with numbers, this may not be the best idea…..