The top 3 financial tips for new business

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Starting a business is a difficult decision for almost everyone. Why leave the comfort of salaried job and start a business ? Running a successful business is even more challenging, and it requires different skills from what we learned at school or workplace. The most important skill of an entrepreneur is the ability to sell, and you would need to sell vision of your company to your employees, convince vendors to work with you, pitch to potential investors, and then sell to prospective customers. In this article, we will discuss financials tips to start a new business.

  1. Open a business or corporate bank account

In the beginning, most individuals use their personal bank account as business bank account. Not only this is non compliant, you would not be figure how much your revenues are and how much profits or losses you had. With business bank account, you are separating your personal expenses from business expenses. You would have a good handle of your finances with business bank account.

2. Hire an accountant and learn basics of accounting

Accounting is an important part of running a business, and you would want to hire someone to do accounting for your company. This will help you understand revenues, profits, and expenses, and the accounting person will help you plan your important decisions such as hiring or capex.

3. Get a corporate card from Karbon card

Most business need to make card payments for online purchases, digital marketing, cloud payments, and more. We at Karbon offer 0.5% flat cashback card that you can use to make all digital payments. In addition to this, you also get awesome rewards – $5,000 AWS credits, discount on Freshdesk software, and more.

We at Karbon are cheering for you, and we wish you all the best in your journey as an entrepreneur.

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