Organizing Company Finances: Tips for Business Owners

Today’s post comes from special guest writer Jim McKinley from the financial blog Money With Jim. In the following post, Jim shares a few of his best ideas to keep business owners on track with their finances.

If you run a small business, you might feel like you always have money on your mind. Learning to organize and manage your finances as an entrepreneur can be challenging. But with the help of the tactics outlined in the following tips, you’ll be able to ensure that your personal finances and company accounts are stable.

Manage Your Investments

When you’re running a small business, you don’t have access to company benefits to prepare for your retirement. That means you have to take matters into your own hands and come up with an investment strategy. Learning to invest properly and choose stocks with lots of potential for growth can be tricky, but working with a financial planner can help you diversify your portfolio with the right stocks. At Your Business recommends investing in stocks across several industries to help reduce your financial risks.

Use an Online Payroll Platform

Do you have trouble keeping track of your company’s payroll? Transitioning to an online payroll platform that allows for automatic payroll scheduling would be a great choice! You can look for software that provides functions like same-day direct deposit and automatic calculating and tax filing. And by choosing a service that offers an iOS and Android payroll app, you can even process payroll while out of the office.

Identify Waste in Your Budget

Revisit your business budget from time to time so that you can make sure you aren’t wasting money. All too often, minor expenses can add up, going unnoticed for long periods of time. Block off some time to go over your budget and note where every dollar is going. Perhaps you’re paying for software or equipment that you rarely use, or you’re overpaying for certain supplies based on industry rates. If you notice any waste, it’s time to make plans to cut it.

Negotiate With Vendors

Do you suspect that you could get a better deal on certain materials or services? You could try switching to new vendors, but if you truly enjoy working with your current vendors, you could turn to negotiation instead. Remember, negotiating well takes practice, so come to the conversation with a solid idea of what you want to ask for and which prices you’re willing to accept. Negotiation Experts recommends offering to increase the size of your orders if possible so that while you will receive a lower rate, your vendor will gain more business.

Work with an Accountant

If you feel unsure about making major financial decisions for your company, or you’re struggling to navigate the tax filing process, it’s time to work with an accountant who specializes in supporting small business owners. You can ask other entrepreneurs in your industry for referrals, but it’s important to get in touch with anyone you’re thinking about working with and asking them questions about which services they provide. After all, you want to make sure that they have worked with companies like yours before. Your accountant can help you with everything from financial projections to pricing your product lines to finding tax deductions that you may not have known you were eligible for.

Protect Yourself

With so much effort put into growing your business and managing your finances, it’s critical that you make sure your profits and investments stay protected. If you don’t have enough business insurance coverage or if you need a whole new policy, connect with a reputable firm like G.D. Herring. We offer a range of policy options to choose from, and we even work with high risk businesses and difficult to value assets.

As a business owner, you know that without a steady salary coming in from an employer, you need to be proactive when it comes to managing your company’s finances and your personal portfolio. By keeping track of your finances, you can ensure that your company thrives. With these tips, you’ll feel confident about your financial future!

If you’re interested in learning about asset protection in the form of life, business, or property insurance, visit G.D. Herring or reach out via email

Jim McKinley is a retired banker with almost 30 years of experience in the financial world. He created Money with Jim to share his advice and other resources on a variety of financial topics.


Share on facebook
Share on twitter
Share on linkedin

More Posts

All About the Humvee Part 1 – with Ian Ipsan!

We cannot tell a lie, we love the Hummer! And so does Ian Ipsan. Ian’s story begins in childhood when he decided he was going to own one of these magnificent machines, no matter what it took. Today, he’s owned three of them! In Part One of this interview, Ian tells host Jason Paynter about his first Hummer acquisition, delves into the history of this iconic vehicle (including where the name came from), and talks some specs like configurations and the differences between military and civilian Humvees. If you love this “car” as much as we do, you’re not going to want to miss this show!

Simple Tips for Winterizing Your Ride

This week as everywhere we look seems to be covered in snow, a repost of an excellent article by our friend Jason Paynter from the Classic Car Corner podcast. In it he shares some of his best tips for winterizing your automobiles, particularly ones in storage for the season. Read on to learn more on how to keep your precious classics in great shape until spring visits us again!

WOW! The classic car event of 2022 with the Bluegrass World of Wheels Custom Car Show crew!

When we say wow, we mean WOW! Greg & Gail Wilson, Kenny & Vicki Hoerter and Ron Rawlins are launching a Custom Car Show this month that is out of this world. Introducing Bluegrass World Of Wheels – the inaugural show featuring 400 cars and exhibits will will be on January 22 and 23 of 2022 at the Kentucky Expo Center. Join in on the conversation as the guys learn about the ins and outs of how to participate and attend this spectacular event that has been over five years in the making! Not to be missed!

Buying a Watch to Retain Value

It’s New Year (2022 if you can believe it) and ruminating over resolutions always reminds me of something my best friend from college once pointed out – why is it that we’re always making difficult resolutions? Why not slip in at least one that would be fun to keep?

The Honda Type R Civic with Lauren and Nick Terrell!

What a show for you New Year’s Day! Classic Car Corner rings in 2022 with Lauren and Nick Terrell. There are Honda Civics, and then there are Honda Type R Civics which prove a completely different beast under the hood. Packing 306 horsepower and a six speed manual shift assisted by an unapparent turbo lag turbocharged transverse 4 cylinder, this is a unique car to say the least. With front wheel drive, yet no torque steer detected from sudden acceleration, the Type R can hit 169 mph. And wait until you hear what Lauren has to say about the “Rev Match!” Listen in and enjoy the ride! And a happy and prosperous 2022 to you from all of us in The Corner!!

The Classic Car Corner Origin Story with Tim Hatzell!

A special episode for Christmas Day 2021! This week our friend Tim Hatzell visits The Corner, but as a host instead of a guest. Tim turns the tables on our host Jason Paynter to learn about how Classic Car Corner got started. The guys also dig into Jason’s love of cars, his car memorabilia collection and so much more. Please join us for this lively conversation all about how CCC came to be. And a very Merry Christmas to you and yours from all of us here!