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Tips for managing small business’s finances

On Behalf of | Mar 7, 2024 | Business & Corporate Law

Launching a profitable business in Florida can feel overwhelming, especially when an individual embarks on entrepreneurship alone. Fortunately, savvy financial management may help make the business creation process easier. Here are a couple of tips for achieving financial success in small business ownership. 

Keeping funds organized 

An essential first step in small business financial management involves separating business and personal accounts. This may help reduce the business owner’s liability and legal risk. It may also help the individual build rewards on his or her company’s credit cards and access tax benefits. For instance, home-office setups can be deducted as business expenses when purchased using company funds. 

Planning for tax time 

Another wise move for a new business owner is to set aside 30 percent of his or her revenue. This money should ideally be placed in a savings account designated to prep for tax season. An experienced accountant can help the individual file his or her tax return and provide bookkeeping services to make managing his or her finances easier year-round. 

How an attorney can help 

Creating, growing and operating a business in Florida requires not only a sound financial foundation but also reliable legal advice. This is where a business attorney comes into play. An attorney can help an entrepreneur choose the right entity to set up — for example, a limited liability company or corporation. The lawyer can furthermore help the individual comply with labor and tax laws. Other areas an attorney can help with include mergers, acquisitions, business succession and even selling the business. The attorney’s chief goal will be to protect his or her client’s legal rights and financial best interests long term.