Sarah J Mastin @SarahJMastin
Empowering female entrepreneurs with financial knowledge 💪👩🦱💰👱♀️💪 Download Your Copy of My Free E-Book 📖 https://t.co/IbO91ljGZ6 sarahjmastin.com London, England Joined July 2021-
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You’re doing a fantastic job with your new business, but now you’re making money, you need to start thinking about how much of that you’ll need to pay over to the tax man. As your business grows, you need to start setting aside money to make sure you don’t run into trouble.
Even if you’re physically in a different country, you still have to watch out where you’re selling to, especially with an online business 🌎 If you breach the local threshold, you’ll need to register with the local government and start charging sales tax or VAT to your customers.
I don’t know about you, but I can’t remember things one minute to the next sometimes, let alone a whole month! 😬 Next time you do your accounts, write down the different things you do somewhere you won’t lose it (in Notes on my phone 📱 for me). Are you a checklist person? 📋
Keep on top of your finances, or you could spend many painful hours unpicking it—or worse have to pay someone thousands to sort it for you 😬😱
This will make it so much easier to prepare your accounts and understand how your business is doing as you get started 📊
No need for accounting software and an alphabetical filing system - bank downloads and a spreadsheet are all you need 🙌
Increasing your sales should definitely be a focus, but reducing your costs will also mean you end up with more money in your pocket—why not do both? 🙌
Even if you don’t plan to do your own accounts as your business grows, it’s important to understand the key concepts 😊
As an auditor, usually the best evidence I can get is to agree things back to bank statements 👍
Transfer money to a separate account, so you are sure you have enough money to pay when taxes become due 💵💶💷💴
This can make a difference when you’re deciding whether to pay off or pay down a loan early 💵👍
Just posted a photo instagram.com/p/CTnVm6ksDpu/…
This refers to accounting transactions always having at least two sides - like when you give up cash to pay rent 👍
There’s usually a report from management on how the business is doing and plans for the future in the front half and the accounts in the back 📑📊👍
Do you know how much money you make each time you sell your product or service? 🤔 You can increase gross profit by increasing price or decreasing costs—these are key drivers in how much you make from your business 💰💰💰
Although these often aren’t included in your balance sheet, it’s important to include them in your business valuation ♥️
There are two sides to a journal entry, as well all know in like you have to give something up to get something in return ♥️
As a busy mum, I know it can be hard to find time to get around to doing your accounts. The key is to make it easy for yourself, so when you so have 10 mins to sit down and concentrate, everything is ready for you to start. If you track your bank transactions as you go.
Stock is also called inventory and is usually easy to go missing, so keep track of what you have in case some starts going walkies 🚷👍
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