This is Clarissa Wilson’s interview. A former government tax auditor, accountant for online business owners. She provides help to everyone on how to set up a business to succeed in the financial aspect.
People should focus on their finances on how to manage their money. It will make a big difference if you know your expenses and how much you are earning. The one great way to achieve this is to create a system and store all your money flows electronically. Have your folders separated from each other, most especially your income and expenses. It’s also a must to have all the copies of your bank statements.
Entrepreneurs should have a sense of accountability in their business. It is a duty to get updated and acquainted with which one affects the company and not. Also, it would be best if you did bookkeeping and bank reconciliations every month. It will get you away from trouble if you know your numbers every month.
She recommended Xero Accounting for entrepreneurs who juggle their finances in business. Keep in mind that it is better to outsource trusted software in this field. So even if it cost her, she still chooses the Xero Accounting System. Why? Because it has an updated system and is more encrypted. It can also integrate many different currencies in bookkeeping.
Besides that, she believes that everything you outsource, at least knows the basics of how they do it. Same as bookkeeping. In finances, there are three people who can help and guide you in the process. They are the bookkeepers, accountants and financial advisors.
The Financial Advisor is responsible for strategies and game plan. They help you in eliminating the financial risk area. We need their expertise around money matters, personal finances, and investments.
Keeping the books consistently about your business requires time and effort. It is a repetitive task that has tight deadlines. The person who is mainly in charge of it is called the bookkeepers. They are the ones who prepare the bank deposits by compiling data. Their role covers handling payroll, invoices, keeping track of overdue accounts, and similarly related things.
One of her personal beliefs is never getting your hands on bookkeeping if you don’t know anything about it. She advised to leave it in the hands of the resource person.
Accounting is complicated because there are different tasks every day. The responsibilities to perform vary so widely. This is where accountants come in with the help of their expertise in numbers. They are the ones liable for preparing assets. Also, they do capital account entries by compiling and analyzing account information. They can do so many things, but these are just one of those examples of their work.
If you can’t outsource because you don’t have the extra funds to get one of these people working for you, she suggested taking some courses to guide you to understand the flow better. Finances should be done and dealt with correctly.
Clarissa is an accountant for online business owners. As a former government tax auditor, she knows exactly how to help you set up your business so that it is meant to succeed financially, because if your finances aren’t set up correctly from the beginning, then your business is much more likely to fail.
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The Entrepreneur’s Guide to Setting Up Your Business Finances Right the First Time