While passion and excitement often ignite a new business venture, what keeps that business running smoothly is attention to the everyday details. Every aspect of operating a business requires careful planning and execution — from inventory management and training staff, to customer service and marketing.
Finance and accounting in particular can be intimidating topics for entrepreneurs. Even if you’ve been successfully operating a business for years, handling the financial side often remains a challenge. Without a solid understanding of these key operational aspects, however, you could be putting the financial health of your new business at risk. Fortunately, you don’t have to go it alone.
This ebook was designed to help you operate your business more efficiently.
To that end, we’ve identified six financial areas to focus your attention:
- Business plans
- Revenue and expenses
- Cash flow
To help with each, we’ve pulled together the fundamentals of small business finances:
- The important concepts and terms to know
- Deciding which tasks to manage in-house, and which can be outsourced
- Tips and tools for keeping your business finances in order
- Knowing when it’s time to call in an expert for guidance and help
- Real-world examples from businesses like yours
After you’ve read this guide, put your knowledge into action.
Get your financial footing by starting with some or all of these items:
- Begin writing a business plan.
- Open a business bank account.
- Decide on a bookkeeping method and accounting software.
- Create a budget.
- Take control of your cash flow.
- Find a payroll service provider.
- Begin collecting receipts and other tax-related documents.
- Consult a financial adviser, accountant and/or tax professional.
Start from the beginning or jump to the sections most relevant to your business. If you come across an unfamiliar term, find an explanation in the “Financial Terms to Know” section at the end. Return to this guide as often as you need to and remember that you have a mentor at SCORE and a partner in Deluxe.
Learn how Deluxe can help your small business.
For more than 100 years, Deluxe Corporation has sought to create the tools that help shape our economy. Since 1915, Deluxe has recognized the vital role that small business plays in our communities, from job creation to business development. For these reasons, the Deluxe Corporation Foundation provides financial support to nonprofits that help entrepreneurs and small business owners succeed. Our grants to SCORE have totaled more than $1.5M in recent years, with the majority of these funds supporting the creation and updates of online training and certification for SCORE mentors.
Copyright © 2023 SCORE Association, SCORE.org
Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.