While you are doing your spring cleaning around your house, it may be a good idea to take a moment and give your small business a spring cleaning, as well. Let's take a look at ways you can give your business a financial spring cleaning:
- Separate your business and personal finances—If you haven't already created separate bank accounts for your business and personal finances, consider doing so while you're doing your financial spring cleaning. It is important to have your business and personal finances separate for a variety of reasons... If you are unsure of the reasoning behind separating your finances, check out CB&S Bank's article on why you should keep your personal and business finances separate.
- Set financial goals and revisit existing goals—If you haven't already set financial goals for your business, now would be a good time to do so. It is also a great time to revisit existing goals and reexamine your business's growth and the direction you would like your business to take.
- Set aside time to review monthly—It's easy to get busy and put off reconciliation until the very last minute, however, while you're doing your financial spring cleaning, consider scheduling time with yourself each month to reconcile so it does not become an added stressor towards year-end.
- Review your pricing—It may be a good idea to review your pricing for products and services periodically. If you need help with this, CB&S Bank has created this helpful guide to assist you in pricing your products or services.
- Speak with a tax professional—You may want to make an appointment with a tax professional to further discuss maximizing deductions and tax obligations.