Running a business as a solo creator or a small team requires focus. There’s always something that needs to be done, whether it’s sending invoices, posting content, responding to emails, or tracking expenses. If you’re like most people in this space, money management ends up being squished in between everything else.
You don’t need to be any sort of finance expert, but you don't need to have simple systems in place that help to save time and keep you on track. When your money is more organized, it’s much easier to grow, easier to plan things, and easier to breathe.
Let’s have a look at some of the straightforward systems that make a huge difference without eating your week.
Use One Account for Business Only
It’s very tempting to mix up your personal business finances, but this means you mix up your spending. This is even more important when you are just starting out. But if you separate them early on, it makes everything much simpler.
Open a separate account for just your business. Use it for any income, tools, subscriptions, or expenses. This way, when it comes to doing your taxes, you’re not going to be digging around and trying to sort out your personal finances. You’ll find yourself trying to figure out which items were personal and which were business. Time that you just don’t need to use.
You don’t need to have a fancy account; just a second bank account will be fine.
Track What Comes In and Out
There is no need for you to have full accounting software to stay organized; you can use a simple spreadsheet, especially if you're self-employed or running a small business. If your transactions are easy to follow, there is no reason you can’t track this yourself.
Just use two columns, one for income and one for expenses. Log every payment you have received and every charge that comes in. Add a note to each one so you know exactly what they are.
Once a week, spend five minutes updating your form. That small habit can save many hours further down the line.
Set Aside Taxes Automatically
It's easy to forget about taxes until they hit hard. That's why it helps to move a percentage of every payment into a separate savings account. Even putting 20 to 30% to one side can make tax time much less stressful.
There's no need for you to work out perfectly. The goal is to build habits so that every time you get paid, you move a little bit of it out of sight. This way, you don't end up owing tons, and it becomes a little bit of a cushion for you.
This takes less than a minute, and it can protect you from having some nasty surprises further than aligned when it comes to doing your taxes.
Use Tools That Fit Your Workflow
You don't need to use the same software that a big company uses; you just need to make sure that you have the tools that work the way that you do.
If you are sending invoices, make sure you look for something simple like Wave or Soho invoice. If you want to be able to accept payments, then using things like PayPal and Stripe is ideal and the most commonly used. If you are tracking subscriptions and expenses, using apps like Monarch Money can help.
Test all of the tools wanna a time. If it is something that saves you time or helps you to stay organised, then you can carry on using it. If it adds stress to your workload, then get rid of it. The tools that you use need to make sure that you're work is easier and not more complicated.
Know Where Your Money Lives
Many creators use different platforms to earn money. You may earn money from YouTube, Etsy, direct sales, client work, and more. It's very easy to lose track.
Make a simple list of every place that you earn your income from, and add in how and when you get paid from it. It may be that you get paid on a weekly or monthly basis, through PayPal, Direct deposit, or another method.
You should always be able to answer where your money is coming from and when it should be arriving. Having this habit in place means that if you miss payments, you will be able to spot them, check platform fees, and plan your cash flow more easily for the future.
Learn the Basics of New Payment Tech
There is no need to become an expert in this, but it is a good idea to be aware of how people receive money. Digital payments are something that is happening more and more. Clients may want to pay with methods that you’ve never used. Some creators are now looking at technical tools like blockchain and crypto to make payments.
If you are curious about how these work, or you want to look at transactions, you can use something called a best block explorer. This is a clever little tool that is free to use, and it shows you how blockchain activity is being used in real-time.
Keep a Simple System for Invoices and Payments
Don't let unpaid invoices pile up. Use a simple System to track what you've sent, what's been paid, and what's overdue. Even a spreadsheet with three columns, such as an invoice number, amount, and Status, can work just as well as using a program.
Update it once a week, and if something is overdue, you can follow up with a reminder. People are usually just busy, so when you have clear systems in place, it helps them to take you seriously. The faster you follow up with them, the faster you are going to get paid.
Final Thoughts
As a creator or small business owner, you value your time and have a big focus on your valuable resources. Money systems need to support you rather than add stress or distract you from other work.
Separate your accounts, track your payments, and make sure you stay up to date with current payments. You don’t need to be a finance professional; you just need to feel clear and completely in control.
