• Mon. Dec 5th, 2022

Janeane's World

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Time to Take Action Now To Get Good Business Finances

It is time to take action and get good business finances. Your business will not control its finances all on its own. If you do not mind your money, no one will. 

At the beginning of each year, people and business owners all across the world take time to assess their business’ financial condition. For some business owners, the beginning of the year is the only time the financial condition of the business is examined. If you are a business owner who only pays attention to finances at special times of the year like the beginning of the year and tax season, it is time for a change.

It is important to have a good relationship with your financial condition. Money is not a dirty word. Finance is not a dirty word. When you are an entrepreneur, you have an obligation to pay attention to the financial condition of your business. You should always be aware of the key elements that impact the financial condition of your business. These elements include:
Cash flow
Balance sheet
Accounts receivable
Accounts payable

If you want to read more about succeeding as an entrepreneur, check out:

Be Thankful for Your Business – It Provides Jobs — Even if you a solo operation with no employees, your business decisions matter far and beyond your business. Click here to read more.


Customer Service Matters, So Make Yours Excellent – Customers help make your business go around so treat them right! Click here to read more.

Also, check out our Confidence Tip of the Day YouTube channel for hundreds of videos on creating the confidence you need to succeed.

Cash flow, in its most basic form, is the money that comes into and out of your business.

A balance sheet, in its most basic form, compares the assets and obligations of your business. In order to stay in business and be profitable, assets must outweigh liabilities. Assets include things like cash, real estate, equipment, and money due to your company. Liabilities include things like payments due to others, and subscription expenses.
Accounts receivable, in their most basic form, are payments from others that are due to your business. You must keep track of your accounts payable and take special care to collect money that is due to your business in a timely manner.
Accounts payable, in their most basic form, are the payments that your business owes to others. In order for your business to have a good reputation and a good credit rating, you must make sure to pay your obligations as they come due.
It is important to pay attention to these items at all times. The numbers represented by these items should always be available in an entrepreneur’s mind. When you make decisions about whether to give an employee a raise, whether to purchase equipment, and even which office supplies to buy, and when you must keep these items in mind. Your finances should never be an afterthought. On the contrary, your finances should be the forethought, an important factor in all your business decisions.
It is a magnificent time to take action now to get good business finances. So, the question for you on this magnificent day is, do you have a plan for handling your business’ finances?

37 thoughts on “Time to Take Action Now To Get Good Business Finances”
  1. Keep track of your income and expenses even if in a little notebook and you will feel better come tax time.

  2. I am also a spread seet woman. The spreadsheet helps me keep all the imporant numbers at my fingers all year long when I need them.

  3. As a fellow wife of an account, I wish a peaceful remainder of the “tax season.” I know our husbands will say it is tax season all year long.

  4. Yes, now that the taxes are driving you crazy, it is a good time to set things up so next year will be better come tax time.

  5. You are right. It is so important to look over your finances and keep everything in check.

  6. This is an excellent blog post. Too many businesses fail when they could have been successful for the simple reason of not having a balance sheet. Even if your business is really small, getting your business finances in order is very vital. http://www.sba.gov has an excellent business plan template that has a financial section. You can do cash flow statements, balance sheets, etc in a short amount of time using their templates

  7. Thanks for these great tips. Sometimes I tend to let that side of my business slack

  8. Janeane as I get my taxes together I know how important it is too pay attention to your business house in order. Thank you for sharing information.

  9. Great Tips as always. I’m no longer scared to look at my account as i’m more organized and better with my cash

  10. I am just starting into making money with my little blog business, thanks for the reminder!

  11. I am terrible with finances. I’m the first to admit I give away to much money to help others.

  12. Finances are so important! As Dave Ramsey would say, “every dollar has an assignment.”

  13. Since it’s tax time, finances are on the brain. It’s hard to do better each year when you just have to own more! Ack!

  14. Yep, you have to know what’s due and where the money is going. I agree too, with the quote. 🙂

  15. This was really informative. Taking an interest and responsibility for your finances is SO crucial!

  16. This is really informative! It good to get your finances together I want to do better in this year will all of mine!

  17. Keeping up on fees due each month is essential. Getting behind can make things so difficult in the future.

  18. This is my first year as a business owner, so I am new to this concept. I am a little nervous about what my taxes will look like next year.

  19. I try to stay on top of my business finances with a pretty detailed and inclusive excel sheet. Keep it updated helps me a ton at the end of the year!

  20. I’ve done an extensive Excel Sheet …to keep track of all my finances and it has been working wonders

  21. I need to keep better records for my taxes- sigh. Thanks for the tips.

  22. As I gather forms for my taxes I think of how much easier it would be if I weren’t so scattered. This is a good reminder to get a better system in place.

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