5 Essential Tips to Safeguard Your Small Business Finances
Common Financial Mistakes to Avoid
Building a successful small business requires careful financial management to avoid costly errors. Learn from others and sidestep these common pitfalls to safeguard your business's financial health.
1. Not tracking business expenses
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2. Skipping estimated tax payments
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- April 15: Estimated tax payment for Jan-Mar
- June 15: Estimated tax payment for Apr-May
- Sept. 15: Estimated tax payment for Jun-Aug
- Jan. 15: Estimated tax payment for Sep-Dec
3. Having no business emergency savings
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4. Being too lax about unpaid invoices
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5. Mixing personal and business finances
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.