Finance your business
There's no doubt that COVID-19 has had a significant impact on small businesses. But contrary to what you may think, now can actually be the perfect time to start a new business. Armed with the right tools, you can start down the path from business idea to successful startup. Follow our 16-week series to gain all the insights you need to Start a New Business Now.
Here’s a sneak peek at what you’ll learn in Chapter 4.
Once you’ve secured startup funding, you need to manage your money to keep your business in the black, pay your bills and achieve profitability. The means you need a robust accounting system and strong planning skills to maintain positive cash flow. In fact, more than 80% of failed small businesses experience cash flow problems.
But what type of accounting system will you use, and how can you master cash flow to put your startup on the path to success?
Find the answers to these questions in Chapter 4 of How to Start a Business Now, our free resource designed to help entrepreneurs launch successful startups during and after the pandemic. It covers:
Key bookkeeping questions for your startup
Get your bookkeeping right from the start, and it will be much easier to manage your finances as your business scales. Use Chapter 4 of How to Start a Business Now to learn:
- Why you should consider bookkeeping software over manual bookkeeping
- The difference between accrual accounting and cash accounting, and which is right for your startup
- What double-entry and single-entry bookkeeping mean, and why one is more popular than the other
- Nine types of accounts you need keep track of for your business
Cash flow management
Cash flow management is one of the most difficult skills for startups to master, but it’s also one of the most critical. In Chapter 4 of How to Start a Business Now, you’ll learn:
- What cash flow is and why it’s important
- The cash flow cycle, delivered in an easy-to-understand visual
- Types of payables, such as supplies and invoices; and types of receivables, such as customer payments
How outsourcing can improve cash flow
Outsourcing tasks to a third-party company might seem counterintuitive to a lean business model, but the reality is outsourcing is an effective way to improve cash flow. In Chapter 4 of How to Start a Business Now, you’ll discover:
- How and why outsourcing improves cash flow for small businesses
- How outsourcing can reduce in-house overhead
- Five easy outsourcing opportunities that can bolster your cash flow
Strong accounting and cash flow management skills are vital for startup success. If your entrepreneurial dream is to become reality, you need to master these skills – or partner with someone who can help. Learn how to manage your money and how to get help in Chapter 4 of How to Start a Business Now. START TODAY
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