5 Tips On How To Best Manage Your Finances If You’re Self-Employed - S-Corp or LLC

Budgeting needs to include paying yourself too
​“I think they should start by figuring out what their pay rate should be: Start by understanding your personal economics and what you require first and then try to back engineer your minimum salary into how much your business needs to make in sales in order to break even and pay yourself,” suggests Duran. “Don’t leave yourself out. Then figure out the fixed expenses, including your salary, and then variable costs and build from there.” ​

Keep tracking simple 
QuickBooks is by far the best option for any small to medium size business. McVay has customized plans starting at only $99.00 per month that would take the burdensome details of running a business. McVay does most or all of the data entry, downloads, adjustments, reconciliations, month end close out and financials for a very reasonable price. Leaving you to increase revenues and profits. Mike McVay is a Certified QuickBooks ProAdvior located in Pensacola, FL. He works with clients all over the USA.

Ask for help
McVay has streamlined the bookkeeping process to allow for lower cost when doing your daily, weekly or monthly bookkeeping task. A good accountant will always offer good business and tax advice to keep you on the right track. Some accountants will offer free or included advice and consultations if you are a regular monthly client. 

Invest in yourself and your future, not just your business
“Entrepreneurs should remember that they are their own bosses, and what these means is that they need to be their own motivator and remember to plan for the future,” shares McVay. “This is a very common mistake that people make as they leave the workforce to start their own venture, or even when starting from scratch after college. I many times see how they overlook the importance of setting their own benefits such as: proper health and life insurance coverage, retirement accounts and other flexible spending accounts.” among others. A good accountant or financial advisor can help you choose the right path. 

Keep up with other great business ideas by visiting our blog. Mike McVay, Certified QuickBooks ProAdvisor and Tax Consultant. 850-725-5696 * Mike@MikeMcVay.com