From the course: Consulting Foundations

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Conduct financial activities

Conduct financial activities

From the course: Consulting Foundations

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Conduct financial activities

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- While running your firm, you'll deal with financial activities that relate to cashflow, financing, and accounting. Depending upon your comfort level with accounting and finance issues, you may choose to do this yourself, or you may get a service provider to do it for you. If you're not sure of what you're doing, seek professional assistance from an accountant. Open a separate bank account and credit card account that you'll use solely for business purposes. Don't comingle your personal and business spending. Keeping them separate makes it easier to manage your accounting. Cashflow tracks and manages money coming in and money going out. You'll need to select an accounting software package that enables you to generate and send invoices, record payments, and track client accounts. One of the the biggest reasons to monitor cash is clients rarely pay as soon as you invoice them. Many will pay you on terms like net 60, which means they'll pay you 60 days after they receive your invoice…

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