A business with bad financial management won’t be around long. That’s just logic. Because of that, one of the best things you can do for your pet sitting business is to manage your finances well. Doing this is easier than it seems. You have to have the right plan and the right tools to make that plan a reality. These best financial practices will give you a firm foundation! If you’re a new pet sitting business owner, check out our Starting a Pet Business playlist here.
Have a Plan
Firstly, everything you need to do with your business needs to have a plan. Of course, this is especially true with your finances! Therefore, one of the most important things you can do is have a system in place. If you’d like to work with an official financial plan, then there are options such as Profit First or working with an accountant to make a customized plan for your business. Otherwise, start with these essential tips!
- Get a Business Bank Account. We recommend keeping your business and personal bank accounts entirely separate. Because commingling funds can be a dangerous habit for a business owner, if you don’t have different accounts, then be sure to track all expenses separately, or tax time will become a nightmare.
- Get a Business Credit Card. It’s a great way to handle your business expenses, especially initial ones. Moreover, it will help cover small gaps. Especially in the rough early days of your business!
- Connect Your Accounts to Your Tracking Software. Without delay, connect your accounts to your financial tracking software! Because this will give you the most accurate information possible to make decisions, and it will help you get the most out of your financial tracking software.
General Financial Policies
Now that you have the hardware in place to run smoothly, you’ve got to use it correctly. Luckily, that’s relatively easy once you’ve got the groundwork laid. These policies will help you run a tight ship. Put these into effect as soon as possible and see how smoothly your business runs!
- Require Payment Before Rendering Services. You need to be able to pay your bills. If you are waiting for people to pay you, then that’s going to be pretty hard. Thankfully, it’s easy to charge for services in advance. Your bank account will thank you.
- Accept Card Payments. Now that people expect to pay online, you should ensure that your scheduling software can accept those payments. Everyone will appreciate the convenience.
Regular Best Financial Practices
Even the best systems require regular maintenance. In this case, the regular maintenance will fall to you. Luckily, it’s the easy kind of upkeep that only takes minutes a day and costs even less. To demonstrate how easy it is, check out the ideas below!
- Keep ALL Business Receipts. On the whole, it’s best to keep all business receipts in an easy-to-manage method. Thankfully, most software options will have a way to scan and digitally store receipts, but it doesn’t hurt to keep the hard copies.
- Do Daily Checks. Take some time every day to check on your accounts, and make sure everything is as it should be. Ensure that you’ve categorized your expenses and any miles traveled as business or personal otherwise, you may forget.
- Monthly Maintenance. Once a month, go over your finances and make sure that there aren’t any surprises. If you’ve hired an accountant or a bookkeeper, you should make sure that you check in with them at least quarterly in case something comes up!
Best Financial Practices
For every business owner, your success hinges on managing your finances properly. In particular, you need to set yourself a realistic plan and stick to it. Without a doubt, if you don’t, you could end up sabotaging yourself! These practices will help your business be more financially healthy.
Don’t worry though, PetBrainy is here to help you through it all. We talk about specific best financial practices within our community for pet sitting business owners to teach them to manage their money better. Get the most bang for your buck by checking us out! Sign up below to join the PetBrainy Circle today!