Page 80

LP LAUNCH PAD

MATTERS WITH PERSONAL AND BUSINESS FINANCIAL PRIORITIES NOT ALWAYS ALIGNING, SOMETIMES THE TASK OF MANAGING BOTH CAN FEEL LIKE A JUGGLING ACT FOR SMALL-BUSINESS OWNERS. By Michele Chiappetta Money. It’s one big reason smallbusiness owners open their own company, and it’s one significant determining factor for whether you stay open or have to shutter your doors. Better grab that cash with both hands and make a stash, as Pink Floyd might say. But seriously, how do you do that? What do you need to know to be successful at managing your monthly cash flow, the lifeblood of your company? The first, most important rule to handling finances is to talk

80 PREVIEW 918 DECEMBER 2019

directly with a professional who can help you navigate the unique aspects of your business. There’s nothing like personalized advice. But there are also several general steps you can take to make your financial life easier, says Carri Shockley, president of Shockley Bookkeeping and Tax Services in Broken Arrow. Step one? Find out what mistakes you’re making and avoid them. “The mistake that I see most is that business owners don’t know the tax laws and how to spend their money the

best way possible to get the best deductions,” says Shockley. “They also tend to see a large amount of money in the business checking account and don’t realize how fast it can dwindle.” In other words, managing your business funds well requires planning. And there’s nothing better for that than budgeting. “Budgeting gives you a good starting point. Whether you have unexpected charges and expenses come up or not, at least you can know approximately where your money is going,” says Shockley.

Once money comes in (yay!), where should you put it? While it’s easy to put the cash into your personal account, Shockley says that’s a mistake. It’s smarter to have separate accounts, one for personal income and one for your company. “You do need to keep them separate,” she says. “Should they ever be audited or go through a lawsuit, keeping personal and business accounts separated will reduce the liability that the government or the person who is filing the lawsuit can

Profile for Preview 918

December 2019 (Vol. 33, No. 12)  

Where to Dine. What to Do. Where to Find It. When It's Happening. Preview 918 A regional magazine of national stature, Preview 918 has rema...

December 2019 (Vol. 33, No. 12)  

Where to Dine. What to Do. Where to Find It. When It's Happening. Preview 918 A regional magazine of national stature, Preview 918 has rema...