Money Management Made Simple

One of the first decisions you face as a new business owner is whether or not to incorporate the business. The biggest advantage of incorporating is limitation of your liability. Your responsibility for debts and other liabilities incurred by a corporation is generally limited to the assets of the business. Your personal assets are not usually at risk, although there can be exceptions to this general rule. The trade-off is that there is a cost to incorporate and, in some cases, tax consequences.

Owning a business can keep your schedule filled with necessary duties. Sometimes, it can be difficult to keep up and accomplish everything on your to-do list. This can cause some things to be put off for another day. In many instances, the thing that is continuing to be put off day after day is your business finances. Bookkeeping should be updated regularly to ensure accurate financial decisions are being made. Not doing so could lead to your business suffering from expensive costs and penalties.

Do you find that your business is "staying afloat"? Is your business always covering its expenses but with little to no profit left over?

You're not alone. A US-based survey found that 30% of small businesses break even. Another 30% are running a loss.

Perhaps your business is stuck in a rut. Or, perhaps you have trouble growing the company since there are hardly any earnings to reinvest. No matter the case, a little innovation is often all that's needed to go from staying afloat to becoming profitable!

One way to innovate is by changing up the way you handle your business' finances. There are many great business strategies out there. However, there is one called Profit First that has become quickly popular!

A trait a great President possesses is passion. If you love what you're doing, it makes the little potholes along the road to success a whole lot easier to handle. There's no such thing as an easy and stress-free road to success, so truly enjoying your life's work and having a passion for the quality and service you provide is key.

Many small start-up businesses are off and running before any record system has been set up. There is money deposited into the new business checking account, some from invested funds and some from sales. Money has been paid out for equipment and supplies, some by check and some by cash out of pocket or from sales receipts.

This informal method of cash receipts and disbursements needs to be formalized. The bookkeeping system does not need to be complicated. In most cases, you can continue to operate much as you have. You just need to do it in a way that leaves a few more tracks.

As the summer season approaches, you might be considering a few home improvement projects. Maybe you want to create a new deck for your home or get a pool in the backyard. However, if you want to do this, then you need to save up some money: here are some tips to turn your summer season ideas into a reality.

As the summer season approaches, you might be considering a few home improvement projects. Maybe you want to create a new deck for your home or get a pool in the backyard. However, if you want to do this, then you need to save up some money: here are some tips to turn your summer season ideas into a reality.

You're more than likely already aware of your financial situation being less than ideal or you wouldn't be listening to this, right? You're struggling to pay off credit cards, car loans, student loans, medical bills and your mortgage all at the same time you still need to eat, put gas in your car, buy your kids shoes that fit…you know, get your basic needs covered.

Here are the top four way companies making a profit off your debt-reduction attempts will suggest you go about it.

Once you finally psych yourself up enough to actually look at your finances, are you like most people who only look at their current to not-so-distant future state of affairs? Do you look at the bills that are due and then decide which ones get paid based on the amount left over in your bank account?

It's been said that the best way to predict the future is to create it. It's also been said you can't solve a problem in the same environment in which it was created. With that in mind, let's take a look at some past contributing factors to your present situation and how we can create a healthier financial future once and for all.