Building a Business

Managing Small Business Finances with Caleb Wojcik

Managing Small Business Finances with Caleb Wojcik
Table of Contents  

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 manages the finances for several small businesses including Fizzle, his website, CalebWojcik.com and his wife’s photography company JenWojcikPhotography.com.

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.

His wife understandably didn’t want to use the spread sheet so they started using Mint.  Eventually they plan to use You Need A Budget.  Caleb still misses his spread sheet though.

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.

Show Notes

Fizzle: online resource for those looking to start a small business online and offline.  Check out their podcast too.

Xero: Xero is a complete online application to run small business finances.

Candice Elliott - Editor-in-Chief Candice Elliott is a substantial contributor to Listen Money Matters. She has been a personal finance writer since 2013 and has written extensively on student loan debt, investing, and credit. She has successfully navigated these areas in her own life and knows how to help others do the same. Candice has answered thousands of questions from the LMM community and spent countless hours doing research for hundreds of personal finance articles. She happily calls New Orleans, Louisiana home-the most fun city in the world.
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