17 min
Ep. 24 - Business Finance 101 The Rhea Whitney Podcast
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- Entrepreneurship
Business Finance 101
Every business owner wants to make money and make a difference. Money is a tool that helps us do more, reach more people, and create the lives we want. The more we focus on our finances and our business, the better we get at making a profit. You can start small and improve your money skills over time by setting goals and being more aware of your finances.
When considering financial matters for your business, there are several key points to keep in mind. Firstly, it's crucial to maintain a separate business checking account, distinct from your personal finances. This differentiation is vital, especially during tax season, for write-offs and accessing business-related benefits. Additionally, effective bookkeeping is essential. This involves regularly reconciling your financial records, whether weekly or monthly. By implementing these practices early on, you can streamline financial processes as your business expands. As your income and expenses grow more complex, adopting sound financial practices becomes increasingly beneficial, alleviating potential burdens in the future.
Other business essentials include having a tax escrow account, saving for your business, and having a system for managing your business cash flow. Want to hear more about this? Tune in to Business Finance 101 with Rhea Whitney.
What You Will Learn:
[00:01] Intro and what’s in for you in this episode
[02:16] Essentials of a good business financial health
[02:30] Why you need a business checking account
[03:11] Why a business checking account is a cornerstone of Business 101
[05:10] Bookkeeping
[06:12] A good bookkeeping and accounting solution for small businesses
[06:58] Business taxes and how to best handle them
[10:08] Create a system in your business that helps you manage cashflow the best way
[12:06] A necessary mindset shift from a 9-5 job for every entrepreneur
[14:39] A quick recap
[16:31] Wrap up and end of the show
Standout Quotes:
“The goal of every business owner is to make profits and make an impact.”- Rhea [01:08]
“Money is a resource and a tool to do more and impact more, reach more, and create our desired lifestyle.”- Rhea [14:20]
“You should never mix your business revenue with your personal finances. It is muddy when it comes to tax time, write-offs, or getting some business benefits. - Rhea [03:11]
“The sooner you start incorporating bookkeeping and good financial practices into your business, the easier it will be down the road. This is because as your business grows, your income and expenses also grow, and things become more complicated or cumbersome.”- Rhea [05:48]
Resources Mentioned
Profit First by Mike Michalowicz: https://mikemichalowicz.com/profit-first/
Stay Connected
Learn more about me here: https://rheawhitney.com/
Follow me on Instagram at: https://www.instagram.com/RheaWhitney/
Connect with me on Facebook: https://www.facebook.com/RheaWhitneyPhotography
Business Finance 101
Every business owner wants to make money and make a difference. Money is a tool that helps us do more, reach more people, and create the lives we want. The more we focus on our finances and our business, the better we get at making a profit. You can start small and improve your money skills over time by setting goals and being more aware of your finances.
When considering financial matters for your business, there are several key points to keep in mind. Firstly, it's crucial to maintain a separate business checking account, distinct from your personal finances. This differentiation is vital, especially during tax season, for write-offs and accessing business-related benefits. Additionally, effective bookkeeping is essential. This involves regularly reconciling your financial records, whether weekly or monthly. By implementing these practices early on, you can streamline financial processes as your business expands. As your income and expenses grow more complex, adopting sound financial practices becomes increasingly beneficial, alleviating potential burdens in the future.
Other business essentials include having a tax escrow account, saving for your business, and having a system for managing your business cash flow. Want to hear more about this? Tune in to Business Finance 101 with Rhea Whitney.
What You Will Learn:
[00:01] Intro and what’s in for you in this episode
[02:16] Essentials of a good business financial health
[02:30] Why you need a business checking account
[03:11] Why a business checking account is a cornerstone of Business 101
[05:10] Bookkeeping
[06:12] A good bookkeeping and accounting solution for small businesses
[06:58] Business taxes and how to best handle them
[10:08] Create a system in your business that helps you manage cashflow the best way
[12:06] A necessary mindset shift from a 9-5 job for every entrepreneur
[14:39] A quick recap
[16:31] Wrap up and end of the show
Standout Quotes:
“The goal of every business owner is to make profits and make an impact.”- Rhea [01:08]
“Money is a resource and a tool to do more and impact more, reach more, and create our desired lifestyle.”- Rhea [14:20]
“You should never mix your business revenue with your personal finances. It is muddy when it comes to tax time, write-offs, or getting some business benefits. - Rhea [03:11]
“The sooner you start incorporating bookkeeping and good financial practices into your business, the easier it will be down the road. This is because as your business grows, your income and expenses also grow, and things become more complicated or cumbersome.”- Rhea [05:48]
Resources Mentioned
Profit First by Mike Michalowicz: https://mikemichalowicz.com/profit-first/
Stay Connected
Learn more about me here: https://rheawhitney.com/
Follow me on Instagram at: https://www.instagram.com/RheaWhitney/
Connect with me on Facebook: https://www.facebook.com/RheaWhitneyPhotography
17 min