Most small business owners don’t consider themselves number crunchers. Entrepreneurs are a different breed. They have a passion for what they do with the skills and talent to match. They want to focus on what they love and who they serve. Numbers are a necessary evil of running a business.
Sound familiar? You’re in good company. A 2014 Intuit study found that more than 40 percent of small business owners identify as financially illiterate… and yet 81 percent of them do their business’s finances themselves. This could be why half of all businesses fail within 5 years.
This doesn’t have to be you. Managing money, taxes and accounting isn’t as hard as it looks when you’ve got the right tools and good habits to back them up. In fact, mastering your own accounting will give you insights into your business you wouldn’t find any other way.
Here are 6 helpful habits you can use to gain complete control over your finances.