How to Start a New Business on Good Financial Footing

Listen to the podcast here:

The Money Pig Podcast by Goodwin Investment Advisory, is joined by CPA Krista Dempsey to discuss starting a small business on good financial footing.

The top five things to consider are:

  1. Entity selection
  2. Setting up a bank account separate from personal finances
  3. Choosing an accounting software like QuickBooks Online
  4. Understanding the chart of accounts and how it affects balance sheets and profit and loss statements.
  5. A balance sheet that summarizes what you own and owe while a profit and loss statement shows revenue and expenses for a period of time.

The speaker discusses the importance of reconciling accounts in order to obtain accurate financial statements. They mention using QuickBooks to make the process easier and emphasize the need for proper bookkeeping or the help of a CPA. The speaker also talks about their business package, which includes accounting software, bank reconciliations, and data entry services. They highlight the importance of regularly reviewing balance sheets and provide insights into hiring personnel and marketing strategies for small businesses.

If you are listening to this podcast and you have found value in our content, you might want to consider signing up for Goodwin Investment Advisory’s blog for other topics such as retirement planning, tax strategy, inheritance, legacy, generosity planning, and getting out of debt. We also have a list of printable guides that can help you with end of year planning, tax planning, retirement planning, and even a guide to help you reach your first $100,000 in investable assets.

The Money PIG Podcast brought to you by Goodwin Investment Advisory where our Mission is to lead people to Financial Peace, Independence and Generosity.
By Published On: November 8th, 2023

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About the Author: Tara Bruce

Tara Bruce
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