Financial priorities for new business owners

Are you one of the many thousands who will start a new business in 2024? Getting into good financial habits early on will help increase your ability to survive and thrive.

While you may start off relying on an Excel spreadsheet, it’s a good idea to talk to an accountant about your priorities. There are so many factors to consider, so please talk to an AIMS accountant early on in the planning stages.

Financial priorities for new business owners

Starting a new business? Here are some key financial priorities for a new business owner:

1. Establish a budget: A budget will help you track your expenses and manage your cash flow effectively. It will also help you make informed decisions about your spending priorities.
2. Manage your cash flow: Cash flow is critical for the survival of any business. It’s important to keep track of your incoming and outgoing cash to ensure that you have enough to pay your bills and expenses on time.
3. Maintain accurate financial records: Accurate financial records will help you track your business’s performance and make informed decisions about its future. You should keep track of your income, expenses, assets, and liabilities.
4. Understand your tax obligations: You’ll need to pay taxes on your business income, so it’s important to understand your tax obligations and plan for them accordingly. You may want to consult with a tax professional to ensure that you’re meeting all of your tax obligations.
5. Secure funding: Many new businesses require funding to get off the ground. You may need to seek out investors, take out loans, or explore other funding options to ensure that you have the capital you need to start and grow your business.
6. Monitor your financial performance: It’s important to regularly review your financial statements and key performance indicators (KPIs) to track your business’s performance over time. This will help you identify areas for improvement and make informed decisions about your business’s future.
7. Plan for growth: As your business grows, you may need to invest in additional resources, hire new employees, or expand your operations. It’s important to plan for these expenses and ensure that you have the resources you need to support your growth.

   Work with AIMS early on and you’ll never regret it – your long-term success will depend on good financial management and planning.

Find your AIMS accountant here.