The 8 rules of money


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Is your startup making these 6 tax mistakes?

Launching a new business is often filled with equal parts of excitement and trepidation. It can even be overwhelming at times. Because there are so many details involved, especially when it comes to startup taxes, you want to be extra careful. Sales tax and your compliance with federal and state income tax laws creates extra challenges for most startup owners, and you want to avoid mistakes at all costs. Below are six common tax mistakes startups make that you need to be aware of. #1: Tax deduct...
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5 key areas for startups to outsource

You're ready to launch your startup, and you know you need employees. Does the task seem overwhelming? Recruiting, hiring and training employees is an intimidating task for even the most seasoned businesses. What's more, you may not have the finances you need in the beginning to provide a salary, benefits and even office space and equipment for an entire team. This is where outsourcing comes in. Outsourcing is a terrific way for startups to take care of essential functions when your budget is sm...
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4 financial reporting tips for startups

Running a new startup is tough. It takes long hours, lots of sweat equity, and tremendous planning. While you may have a handle on getting your startup off the ground and bringing your products or services to market, do you know what you need to do when it comes to your finances? One of the most important things you can do is prepare good financial statements. Why? It's the only way you, your board, your staff, and your investors will know where you stand. Good reporting helps you with financial...
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What is a balance sheet and how can it benefit your business?

Many small business owners don't understand the importance of the balance sheet, yet it's one of the key financial statements—along with the income statement and the cash flow statement—used to monitor the health of your business. Also known as a statement of financial position, the balance sheet helps creditors and investors determine your company's financial standing and it should be included in your business plan. Here, Rieva Lesonsky shares how to prepare a balance sheet, what you need ...
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The key considerations to make when embarking on an entrepreneurial adventure

While the UK is one of the most entrepreneurial countries in Europe, only around half of new businesses survive the first three years. The apparent simplicity, speed and low cost of setting up a UK-based business may give the impression that it's all plain sailing, yet budding entrepreneurs need to be aware that company ownership comes with significant red tape, says Androulla Soteri. Here she explores some of the key aspects you need to consider, including the pros and cons of setting up an uni...
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What is the difference between a cashflow budget and forecasts?

Running out of cash is one of the greatest perils you face as a business owner and to minimise the risk of this happening you need to understand the difference between cashflow forecasting and budgeting. Forecasting helps you plan out how much you expect to make in sales and how much you expect to spend in costs. And knowing when money is coming into your account and going out of it helps you budget accordingly and make important business decisions. Here, Henry William shares how cashflow foreca...
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Resolutions revisited: 5 steps to reenergize your money life

For many of us, New Year's resolutions are all about creating new habits for self-improvement and living a happier healthier life. However, especially if you struggled to make an early December payday stretch to the end of January, it might be worth revisiting your resolutions to include getting your finances in better shape. Even when your day-to-day finances are running smoothly there may be debts you want to clear or a nest egg you want to start building. Here, financial planner Michael F. Ka...
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How to use mindfulness to manage your money better

Although 'mindfulness' and 'meditation' go hand-in-hand, they're not the same thing. Mindfulness meditation is one of several forms of mediation and although meditation is the most direct way to cultivate mindfulness, you can bring mindfulness to your daily activities without the meditation. Mindfulness means bringing your full awareness in a non-judgmental way to whatever you're experiencing, to be fully present in the moment. And, according to mindfulness coaches, regular practice offers numer...
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