Caleb Wojcik, co-founder of Fizzle, joins us to discuss managing small business finances and recommends his favorite tools to make the job easier.
Matt and Andrew were excited to talk to Caleb because they met through Fizzle.co. Fizzle is an online resource and forum for entrepreneurs looking to start an online business. Because of what Caleb helped to build, Listen, Money Matters exists.
Caleb recommends paying small business taxes quarterly. It saves you getting a big bill at the end of the year that you weren’t expecting. Managing finances for you business doesn’t mean you have to do it alone. A skilled accountant can make the process much easier.
Xero is a web based program that is a sexier version of QuickBooks. You can track spending and even create invoices through the program. For his personal finances, Caleb used a spread sheet for two and a half years, hand entering every transaction.
If you’re thinking about making the leap from working a 9-5 to working for yourself, having six to twelve months of expenses saved is a good rule of thumb.
Managing money for your small business is one of the most important aspects of running it but it doesn’t have to be the most time consuming if you partner with a good accountant and use some of the great technology designed to make it easier.
Xero: Xero is a complete online application to run small business finances.