Organizing finances in a small business

Maryland small business owners may want to start a few new habits if they don’t do these things already. One is to separate business and personal expenses. The best approach is to have separate bank accounts. Business owners might want to work with an accountant to estimate taxes, and the business account can also be used to save up for these.

Profit is not the same thing as having a healthy cash flow, and businesses need both. Business owners should ensure that this is the case. They should also prepare for times when cash flow might be limited because invoices are caught in accounts receivable. A banker might be able to sit down with a business owner and discuss options including available lines of credit for times when cash flow is tight.

If the owner does not have a business plan, now is the time to make one. Even if there is an existing one, it is a good idea to periodically review it, see if goals are being met and set new ones. A business plan is not just something to show to lenders although it is important for that as well. It also helps business owners prioritize, plan how they will deal with risks and do succession planning.

In addition to the other financial professionals mentioned above, during this period of financial and organizational review, a small business owner might also want to have the assistance of an attorney. Periodic reviews should be made, for example, of the company’s employee manual as well as of the company’s practices to help ensure that changes in federal employment law are addressed.

Landlords: Winter Is Coming

With snow, wind, and freezing temperatures, winter can be especially hard on houses and apartments. Before the chilly weather hits, it’s time to prepare your rental properties for the…