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Six Ways to Take Control of Your Finances if You’re Self-Employed

Here at the Internet Business School, we know how important it is for new businesses to have their accounts in order. That’s why we’ve created our Fast and Easy Accountancy ONE DAY COURSE to help the self-employed master the sometimes-confusing world of finance and accounts. But what should you be considering before you even start crunching the numbers? Here are six ways you should be taking control of your finances.

1. Don’t underestimate your expenses.

When sitting down to work out how much running your own business will cost, make sure to think over everything you might end out paying out for. These don’t just include the cost of the computer you’re working at or the software you need. If you’re spending more time at home during the day, you need to take into account that you’ll be using more of your own utilities, such as water, electricity and gas. You may be spending more time working so have less time for childcare or laundry, which adds expenses like babysitters or dry-cleaning. Make sure to take these into account when budgeting for your business.

 

2. Manage your income

Your income may vary as your business grows often on a monthly basis. Make sure you work out your average monthly income and how much you can afford to spend. That way, when you have a more profitably month, you can put the extra amount into a savings fund to help deal with times a little more lean.

 

3. Keep accurate records.

Don’t lose valuable profits and connections due to having a disorganised desk. Complete all your paperwork on time and keep it filed away in an organised system. Send invoices and bills as promptly as possible to minimise the amount of time it’ll take you to get paid. Keep copies of all your receipt so you’ve got them on hand when you work out your tax. Also, after networking, make sure to keep all the business cards and contact information you receive. You never know when you might need to reach somebody!

 

4. Avoid credit cards!

Borrowing from a credit card can quickly end up as a slippery slope to financial trouble. If you need money to launch your business, many banks offer small business loans you can take that won’t leave you in dire straits. If you must use a credit card for business expenses, open an account specifically for that purpose and don’t use it for anything else!

 

5. Keep tabs on your taxes

Make sure to research all the taxes that could be placed on you and your business and at what threshold you will have to start paying them. Ignorance isn’t an excuse not to pay your taxes and you could end up in serious legal trouble if you don’t keep up with your payments!

 

6. Don’t be afraid to ask for help.

There are many online resources that help the self-employed find their feet in the business world, especially when it comes to necessary, and sometimes very complicated, legal and financial matters. 

Here at the Internet Business School we get asked often about how to set up as a self-employed person – and how to manage your accounts once the money comes rolling on.

So if you think you’re missing a certain skill or haven’t got the know-how to expand a certain area of your business, this is for you!

 

We created a ONE DAY Fast and Easy Accountancy COURSE to help you understand the secret language of accountancy so you don’t get taken for a ride by the jargon and buy services you don’t need.

 

AND: ADD COUPON CODE ‘FAST50’ at checkout to get £50 off.

In one day you will learn everything you need to know about managing the accounts for your business. From all the lingo surrounding finance to matching your business up against your competitors, you’ll learn everything you need to know about accounting and finance fast. 

You’ll be receiving coaching by one of the leading experts in the business solutions industry.  Our expert tutor Abdullah has helped over 70,000 individuals and businesses since he launched his own company in 1989. 

An expert on everything accounting from start-up support through to business development and growth, he’s partnered up with the Internet Business School to help you get the results you need for your business.

Take Control Of Your Accounts & Financial Future Now.

Get The Training & Tools To Make Your HMRC Tax Return Quicker & Cheaper.