Is Business Finance Different from Personal Finance
How business owners look at their personal finances is often quite different from how they look at their business finances when in fact the two are quite similar. In recognition of this, we plan to start adding personal finance pieces to our list of articles, especially as they relate or correspond to business finance. I am hoping to get some guest contributors who are specialist in their own fields. I am sure that you can appreciate that the value of a specialists especially when it comes to such sensitive subjects.
Areas where Business finance and personal finance are alike
Not only are the two areas of finance similar, but in many ways they overlap. Your company can choose from a number of different types of retirement plans, which one you choose will impact both you and your business down the line. How you structure your business will greatly affect your personal income taxes. Both of the prior examples could also have a large impact on both the business’s and personal cash flow. The following subjects are areas, among others, that we will look to cover:
- Cash Flow planning
- Unforeseeable Risk Management (Insurance)
- Tax Planning
- Knowing where the money goes
Why it matters
For many owners of growing businesses and small businesses, your business is your biggest asset which has the potential to either increase or decrease your personal wealth. They are interconnected in many ways and share similar items that require regular attention. Failure to attend to both will have unfavorable consequences for the business owner(s) and for this reason we feel obliged to share where we can.
We’d like to help you
The Shared Finance Center provides outsourced accounting, bookkeeping and CFO support to small business owners and in doing so we heavily focus on maximizing cash flow. If you think that this post would be helpful to anyone you know, please pass it along. Also, please follow our blog (follow link) for regular tips to grow your business.