- Separate accounts: We often get things going slowly and quite possibly on the side while we work elsewhere. This means that we might not see the need to keep things so separate. Definitely separate everything. Get a business checking and savings account AND a cash back credit card.
- Track spending: It is super easy to track money these days. Obviously there is Quickbooks- this can be either online or downloadable software. This is a way to track your spending very carefully year after year. There is also a free option: Mint! I had been familiar with Mint for a while, but for my personal spending. You could totally do this for your business too though! This could give you a glimpse of if you are spending too much in one area of your business. Other resources include: Xero, Freshbooks, Don't forget about being HIPAA compliant...
- Taxes: Whether you set money aside weekly, monthly, or quarterly just make sure YOU ARE SETTING MONEY ASIDE! Not only do we need to be setting money aside so come April we are not in trouble, but as business owners we need to be paying our estimated taxes quarterly! Set aside around 1/4 of your income to be on the safe side.
Tax season has been in full force for a while now and I certainly have noticed my money anxiety on the rise. I wondered if others might be in the same boat. Money is such a difficult topic. It is incredibly personal and our issues with money often run really deep. I wanted to share some quick information based on my own experiences about what I wish I knew when I was getting the ball moving in private practice.