“I’m worried about keeping up with my financial records, but don’t have a lot of extra cash to spend right now.”

If you are truly new to the industry and don’t have your business entity set up yet, or even have a name for your business yet, it is still not too early to start keeping good financial records.  However, at the beginning, a well though-out spreadsheet (Excel or Google Sheets) is all you need to keep track of your expenditures and investments.  We provide you with a perfect (already formatted) option in your MBA modules:

 

Initially, you should be fine with a spreadsheet and possibly a separate personal checking account that you will use solely for business expenses until you are ready to open an official business checking account.

Once you have progressed a little and have your domain name, DBA or LLC articles of incorporation for your business, you can open up a dedicated business checking account and start using that exclusively, but it doesn’t have to happen immediately.

Whatever you do, just be sure to be disciplined with your record keeping and to and keep those personal and business expenses separate.

By Lisa Fletcher