Starting your own business is exciting. It’s also full-on. There’s always something to do, something to fix, or something you forgot to think about. And when it comes to money stuff, it’s easy to push it to the bottom of the list. But if you stay on top of your finances from the start, everything else becomes a bit easier.
Here’s what helps.
Get into the Habit of Checking Your Numbers
You don’t need to be a maths genius or spend hours buried in spreadsheets. Just make it a habit to check your numbers regularly. That could be once a week, or every couple of days, depending on how busy you are. Log in to your bank account, glance over your spending, and see what’s come in. It doesn’t need to be complicated. The more often you check, the less likely anything is to catch you off guard.
Make a Simple Budget (and actually use it)
No need to overthink it. Just write down what you have to spend money on every month. Things like rent, stock, tools, software, whatever keeps your business ticking. Then write down what you want to spend, like marketing or new equipment. Once it’s all laid out, you’ll have a better idea of what you can afford now, and what might need to wait. A budget isn’t about cutting back on everything. It’s just a way to stop the surprises.
Separate your Business and Personal Money
This one’s important. If you’re using the same card or bank account for everything, it’s going to get messy. Fast. You’ll end up forgetting what was a business expense and what wasn’t, and come tax time, it’ll be a nightmare.
Set up a separate bank account just for your business. Even if it’s a basic one. That way, all your business income and expenses are in one place. Makes life easier and keeps things cleaner.
Don’t Wait Around to Send Invoices
If you’ve done the work, send the invoice. Don’t wait a few days or tell yourself you’ll do it later. The sooner you send it, the sooner you get paid. Keep your payment terms clear and short if you can. If someone hasn’t paid on time, give them a nudge. It’s your money. You’re allowed to chase it.
There are tools that can help with this too. You don’t need anything fancy, just something that lets you keep track of who owes what.
Use a Simple Double-Check Before Paying Suppliers
If you’re ordering stock or working with different suppliers, this one can really save you. The three-way match process is a way to check that everything lines up before you hand over any money. You look at what you originally ordered, what actually turned up, and the invoice you were sent. If they all match, great. If something’s off, you catch it before it costs you.
Even small businesses can use this. It’s one of those things that takes a few extra minutes but saves you a lot in the long run.
Keep Your Tools and Systems Simple
You don’t need to sign up for five different finance apps and a full accounting package right out the gate. Pick one system that makes sense for you. That could be a free app, a spreadsheet, or even a paper notebook if that’s how your brain works. The goal is to make it easy to keep track, not harder.
If something feels like a chore, you’re less likely to stick with it. So keep it light and manageable. There are loads of tools that are designed to make keeping on top of your finances simple like Quickbooks – you could even get a free version if you don’t want to fork out!
Ask Questions When You’re Not Sure
You’re not expected to know everything. No one starts a business with a full understanding of tax rules or accounting. So if something’s confusing, ask. Whether it’s a quick chat with an accountant or looking something up online, it’s better than guessing and hoping for the best. Even getting someone to look over your setup once a year can help you stay on the right track.
You don’t need to be an expert to stay in control of your business finances. You just need a few solid habits, a bit of organisation, and the confidence to ask for help if you need it. The key is to keep things simple, check in often, and don’t let the money stuff pile up. It doesn’t have to be perfect. It just needs to be under control.
