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Setting Up Your Bank Account, Business Entity and Record Keeping
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Welcome to Episode 4 of Season 1 – Setting Up Your Business Accounts, Entity and Record Keeping
Season 1 of the podcast is all about how you can start your first profitable online business. This season draws its shows from the free downloadable resource ‘The 13 Steps to Creating Your First Profitable Online Business.’
In todays show we cover setting up your business account, busness entity and record keeping.
Bank Account
Before spending your first dollar you absolutly MUST have a business bank account!
To mix your personal and business spending is to invite the tax man to go through your business with a fine tooth comb!
Remember that cash is king!
Forgt GAAP accounting as this does not take human nature into consideration.
Set up the following accounts:
- Regular Expenses
- Irregular Expenses
- Profit
- Tax
Most entreuenuers don't pay themselves as their is nothing left! Make paying yourself and paying to the profit account your first priority!
Business Entity
Chat to your accountant to find out what business entity suits your needs.
Your accountant can also tell you what expenses are important to track for claiming expenses.
Get your accountant to look over your taxes before you submit them.
Record Keeping
My suggestion is to use Fresh Books (I have no affiliation). There are other platforms, but the important thing is that you are keeping records!
I look forward to reading your questions and comments!
Make sure to subscribe to the podcast so you don’t miss any further episodes. Our next show will be on ‘Setting Up Your Email Marketing Service’.
Show Sponsor:
This show is brought to you by my coaching program: Business Success Foundations.
This is an 8 week coaching program that covers all the essentials so you can start your first profitable online business.
Stop dreaming about being your own boss and design the life you love by getting your online business off the ground!
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