Tag Archives: Arkansas entrepreneur

bookkeeping

Start the New Year Right: Bookkeeping Tips for Entrepreneurs

Ugghhh! Bookkeeping. It is often one of the most neglected elements of business for entrepreneurs. It isn’t sexy. It isn’t fun. Calculating income and outgo. Projecting quarterly taxes estimates. Reporting. Entrepreneurs want to be out there doing. Fixing. Selling.

Don’t neglect your books this year. Start the year off right and adopt these simple tips and you will thank us December next year.

Separate Business and Personal Accounts

The very first step you should take as a business owner–even if you are a small business, sole-proprietor–is to separate your business and personal accounts. When a client pays you, it can be tempting to just dump that money into your personal account. Especially if it is all coming and going “out of the same pot.” Don’t give in to this temptation. Also avoid the temptation to pay personal expenses from business accounts. It is fine to disburse funds to your personal account or to pay yourself a salary from your business accounts, but keep it separate. No vacations on the corporate credit cards–no matter how good the rewards are! Set up a separate account for your business and deposit all income into (and pay all business expenses from) that account.

Pay Yourself First

Your personal stability is as important as your business’s stability. Make it a habit to save a certain percentage of whatever you earn.

Keep On Top of It All

So you hate bookkeeping. That is fine. If you don’t need the services of a full accounting firm, it is okay. Find a good bookkeeper. Many will moonlight for a couple hundred dollars a month. This can be a cost-effective way to keep things all in order. Make sure you are on top of quarterly tax estimates. Track and record your expenses. And invest in bookkeeping software. You will thank us (and so will your bookkeeper!). Finally, know what’s going on in your business from week to week and month to month. You don’t have to do your books to know your books.

Document Your Processes

In a startup business, things are changing rapidly. Sometimes on a daily basis. As you develop processes–no matter how immature they are–document your processes. As the processes mature and change, update your process manual. This is not only common sense, but it will save you a world of headaches should you ever have to face an emergency or unexpected absence from your business.

Be sure to follow these simple guidelines in 2017 and you will be well on your way to keeping your business on sure footing, financially.

How to Encourage Collaboration Among Your Employees

Business Collaboration

The old saying “Two heads are better than one” may be trite, but its meaning rings true when it comes to building and growing a business. While you may be the owner, your employees can play a valuable role in not only providing a service, but by helping you identify your own business blind spots and identifying opportunities for growth. Continue reading

Why Small Business Owners Need A Mentor

Business Owner Mentor

Most business owners would agree a mentor is a positive personal and business relationship to have, but few see it as the invaluable asset it is. Having a mentor in your life isn’t just something worth considering; it’s something you should be actively pursuing if you don’t have one. Read on for a few reasons why you need to find a mentor. Continue reading

A Day At AHA

Copy of Copy of MythArkansas Capital loves showcasing outstanding local businesses, so when the recent opportunity to host a booth at the Arkansas Hospitality Association Vendor Showcase and Convention arose, we knew we had to take it. With our connections to some of the most incredible food and drink businesses in the market, the Arkansas Capital booth was sure to be a hit – and we were right. Continue reading