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LETS GET DOWN TO BUSINESS.

Question :
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 !

Question submitted 06/05/20 @ 04:35pm
Industry: Funding & Finance
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  • Hi there,

    Feel free to give me a call on 0292006756 and I could steer you in the right direction

    Regards

    Harry

    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…..

    As a first step many banks have a “how to start a business” guide. Also check out your local chamber of commerce, they may have free courses.

    Hi,

    There is a helpful guide here – I’d recommend you look at Chapter 10 – small business accounting.
    How to start a business: the ultimate guide

    One of the key tips is to set up a separate business bank account and have a separate business credit card so you easily keep business expenses separate from person.

    To keep your software costs down you could try out Wave – a similar product to Xero but free, but you may need help setting it up if you are not adept with numbers and systems, but there are some really good learning resources available with them and if you have time to learn the basics then that will really help you long term

    http://www.waveapps.com

    Best wishes

    Shaun

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