UK Health Radio Podcast
UK Health Radio Podcast
92: Saving with Steve with Steve Sexton - Episode 92
92: Saving with Steve with Steve Sexton - Episode 92
92: Saving with Steve with Steve Sexton - Episode 92
Saturday 21st December 2024
Learn simple steps to manage business finances with expert Sara Fins. Gain insights on bookkeeping, hiring, and financial planning for solopreneurs.
26 minutes
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Mindfulness & Emotional Wellbeing
Spiritual & Personal Growth Journeys
Mindful Recovery
Entrepreneurship for Personal Growth
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Get the buttons here!Mastering Business Finances with Sara Fins
Episode Overview
- Separate personal and business bank accounts.
- Track revenue and expenses for better financial decisions.
- Consider hiring a professional for bookkeeping.
- Develop revenue projections for business growth.
- Create standard operating procedures for outsourcing tasks.
When you're equipped with knowledge, you need to manage your money. Her clients make smarter financial decisions that can do more in the world.
In this episode of Saving with Steve, host Steve Sexton welcomes Sara Fins, a retired CPA turned financial expert and health coach, to discuss practical steps for solopreneurs to manage their business finances effectively. As many individuals transition from corporate jobs to entrepreneurship, understanding how to handle finances becomes crucial for business success. Sara emphasizes the importance of separating personal and business bank accounts to facilitate easier tracking and tax filing.
She advises solopreneurs to open a secondary checking account initially if they don't have a formal business setup. Keeping finances separate helps solopreneurs see business performance clearly and manage taxes efficiently. Tracking finances is another critical step. Sara explains how solopreneurs should record all revenue and expenses systematically, allowing them to assess profitability accurately. Understanding revenue sources and expenses helps business owners make informed decisions, avoid unnecessary spending, and optimize their efforts.
Sara also discusses hiring financial professionals like accountants and bookkeepers. She recommends hiring a CPA for tax filing right from the start to ensure compliance and maximize deductions. Bookkeepers can help manage day-to-day financial tracking, freeing up business owners to focus on growth. As businesses grow, solopreneurs often face time constraints. Sara suggests outsourcing tasks when necessary, starting with contractors who can handle administrative duties. This allows business owners to concentrate on their core business activities and expand efficiently.
Finally, Sara introduces her Easy Business Bookkeeping Program, designed for solopreneurs who need a simple yet effective solution to organize their business finances. She offers a free guide on her website to help listeners begin managing their finances confidently. By following these steps and leveraging the right tools and professionals, solopreneurs can build a solid financial foundation for their businesses and achieve long-term success.