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Growing a Business? The Financial Pieces You Need to Know by Megan Schwan

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Congratulations, Business Owner! Whether it’s just you starting out or you’ve been in business for years,
allow me to congratulate you on doing your own thing. It’s not easy and there is always something we
don’t know or can be improved on, which is why it is so important to get a good foundation in place no
matter what stage of business you are in. Let’s take a look at what some of these foundational pieces


The Bare Bones: Taxes and Accounting for Business Owners
First off, let’s talk taxes. Taxes for Owners aren’t just a once-a-year headache; they’re an ongoing part of
your business rhythm. Unlike the typical 9-to-5 income where taxes are inevitable and often unknown,
when you’re a business owner you are in position to be more in control! You’ve got to keep an eye on
your earnings and set aside a chunk for Uncle Sam. Typically saving 30% of your net income (sales minus
expenses) is sufficient to cover your tax liability. Quarterly estimated tax payments might just be your
new best friends, helping you avoid a crazy, unexpected tax bill come April.

Now, onto accounting – the backbone of your financial health. Accounting isn’t just about tracking every
penny that comes in and goes out (although that’s a big part of it). It’s about understanding the story
your money is telling you. Are you spending too much on investments you don’t have the capacity for?
Spending too much on fancy coffee for those late-night hustles? Is that new subscription service really
pulling its weight in your business? Good accounting gives you the insights to make those calls. Digging
even deeper into the costs of services and goods will empower you to make better, more sustainable
decisions. When you take the time get to know your numbers, you’re really making time to get to know
your business better!


Tools of the Trade: Simplifying Your Financial Life
In the digital age, your accounting doesn’t have to look like a scene from a Dickens novel, (overly
complex and wordy). There are tools and apps designed with you, the business owner, in mind. They can
track your expenses, send invoices, and even help with those pesky tax estimates. The key is finding the
one that fits your business like a glove.

Decide your must haves in a software and take a look at demos. Depending on your industry, there may
also be industry specific solutions to optimize your processes. Take the time to do your research, it will
save you time in the long run.


The Golden Rule: Keep Business and Personal Separate
Here’s a nugget of wisdom: keep your business and personal finances separate. Your business is a
separate entity, you need to treat it like that. It will help you stay more organized and also potentially save you
thousands in interest and penalties in the event you get audited. Separate is better! Mixing the two is like trying to untangle headphones; it just leads to frustration. Open a business bank account and get a business credit card. Your future self, and your accountant, will thank you.


When to Call in the Cavalry: Hiring a Pro
There comes a time in every business owner’s journey when you need to call in reinforcements. Yes, DIY
can have many benefits, but often times you need an expert to guide you through the financial fog.
Financial Fog can be anything from getting consistent financial reports, to understanding the data, to
getting a grip on your taxes. An accountant or a financial advisor who understands small businesses can
be worth their weight in gold (or at least in tax deductions). They can help you strategize, save on taxes,
and plan for growth. Be sure to do your due diligence, not every accountant is created equally. You want
to get an expert on your team who can be proactive on your behalf!


The Bottom Line: It’s All About Growth
In the end, managing your taxes and accounting is about laying a solid foundation for your business to
thrive. It’s about making informed decisions, planning for the future, and keeping the taxman at bay.
With the right tools, a clear strategy, and maybe a little help from the pros, you’ve got this!
Remember, business ownership, is about more than just surviving; it’s about building a business that
thrives, enriches your life, and brings value to your part of the world. You CAN make an impact while
creating a business that supports your goals. So, keep pushing forward, stay curious, and let your
finances be the steady compass guiding your entrepreneurial journey.

If you need assistance with getting your business finances on track, are looking to scale, or want to be
empowered to make data-driven decisions in your business, contact Sidekick Accounting for a Free
Consult. 414-310-7689 | info@sidekick-accounting.com | www.sidekick-accounting.com


Considering hiring a professional account but not sure what to look for? Grab Megan’s free guide to learn the 9 questions to ask your accountant. GET THE FREE GUIDE HERE


Megan’s Bio:
Megan Schwan is the CEO and Founder of Sidekick Accounting Services. As a single Mom to 4 beautiful children, she understands the necessity and benefit of running a profitable and successful company. Most businesses provide for families both the owners and the employees. Her mission and passion are changing the statistic that 8 out of 10 small businesses fail and empowering other “regular” people to create the business of their dreams.
Megan is also a speaker, coach, and published author. She pours into the small business communities providing education and support to starting and growing businesses. As your Accounting & Tax Sidekick, she and her team are here to help you intentionally and strategically scale your business by the data!
When she is not working to change the world of small business she enjoys exploring new places and experiences with her kids!
You can connect with Megan Schwan and Sidekick Accounting at the social links below:
Nicole Terrell

Nicole Terrell

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