Today’s topic focuses on payroll solutions for small businesses. When first starting out, a large population of small business owners, especially solopreneurs, will skip out on a payroll solution. And soon enough, we discover the cost of doing so: that large year-end tax bill.
In speaking to Jowanna Parris-Daley of Daley Word, we shared a common concern for the small businesses we support: poor cash flow management. This topic is always on the top of the list for businesses, no matter how long they’ve been in operation. It’s especially crucial for new business owners to grasp the cause and effect of certain habits. Below are two areas where most new businesses fail resulting in a weak cash flow.
I’ve had so many amazing opportunities in this journey with Providence and I wanted to bring a topic to point in this read that affects all of us as small business owners, especially those of us just starting out. An important factor for business owners when it becomes your only source of income is paying yourself.
Let’s talk about the equation to having proof of income. Yes, proof of income is a hot topic among startups and small business owners. They just don’t know it. You see, everything compliant surrounds proof: legal has evidence and financials have documentation. Being an entrepreneur doesn’t exempt you from this need to prove your financial worth.