5 Simple Tips To Keep Your Finances On Track

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5 Simple Tips To Keep Your Finances On Track

We are at the end of the first quarter and I wanted to share 5 simple tips to keep your finances on track for the rest of the year.

1. Review your goals. Where are you with the goals you set? What do you need to adjust or change? Are you growing? Are you hiring? Do you have the support you need? I am hiring more bookkeepers, so if you, or someone you know, is a good candidate, feel free to introduce us.

2. Look at your budget. While you review your goals, don’t forget to look at your budget! Have you completed the comparison of the actual revenue and expenses to your budget? The quarter is part of a crazy year – did the business do okay or does it need assistance? Have you done a plan for the next 3, 6 or 9 months? Plan as far out as possible with the information you have and review each quarter, noting what you planned versus what actually happened.

3. Get your books in order. Every day, week, or month, you should know your numbers!! Are your financials up-to-date? Do you need new software or systems? Can you delegate any of your work? Keeping your records in order and knowing your numbers is an important responsibility of a business owner (and remember, it can be outsourced!)

4. Make your estimated tax payments and ensure you have filed for all previous years. Even if your income was zero (like a college student, for example) you still need to file. This is very important due to the stimulus payments, as those are based on prior tax filings. If you aren’t sure what, or if, you should pay with respect to the estimates, work with your accountant.

5. If you need an extension, file for one. As of now, federal taxes need to be filed by May 15, 2021. Filing for an extension doesn’t have any negative effect on you, as long as you make a payment and it’s much better than paying a penalty later.

As for other news, I feel like we are in the next normal. It’s spring, the weather is improving here on the East Coast and vaccinations are on the rise. It’s up to every individual to make a plan that fits their lives.

For me, as a cancer survivor and in a high-risk category, I’m continuing my networking and meetings via Zoom and luckily, that opportunity is here to stay.

The hybrid business/life model of virtual and in-person is here for the long-term and I think it only creates more possibilities for the future. I’m so happy I can continue my work with the amazing organizations I am part of from the comfort of my home. I do miss everyone though!