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Make your finances a priority

     Keeping your business organized can be one of the biggest challenges but knowing all of your numbers and seeing your cash flow is important. This is why you need to get yourself in to good practices from the beginning. I highly recommend starting out with Quickbooks (https://quickbooks.intuit.com/) or xero (https://www.xero.com/) very early on in your business. The longer you wait to begin accounting, the harder the problem becomes.

     I use quickbooks in my business and personal finances simply because I have a grasp on it from my computer repair days. I’d say 95% of small businesses I worked for used quickbooks. The software has changed a lot in that time. It used to be bloated software that had to run on each PC and networking them to work off a single company file could be a headache. With that, you have to worry about computers crashing so maintaining multiple backups was critical. Long gone are those days. Quickbooks now operates “in the cloud” and is easily accessible via any browser along with apps on mobile devices. You can also integrate most banks and credit cards to give you a full 360 view of your finances. This all makes keeping track of transactions in or out a breeze and you can attach receipts or invoices to the transaction as well.

     Getting into these practices will save you a HUGE headache when it comes to tax time! You won’t have to stress about gathering records or being sure you’ve maximized your deductions. Your daily input to quickbooks ensures that has been done properly. You will have all the reports your accountant could ask for, such as: profit and loss, sales and revenue, inventory and expenses.

     In conclusion, choose whichever software meets your personal or business needs. But do yourself the favor and save yourself the stress by maintaining records properly, you’ll be much happier and so will your accountant!

Introduction

Hey everyone! My name is Mike Martinez, I was born and raised in Omaha, Nebraska. From an early age I knew owning my own business was in my future. One of my earliest memories indicating this was my mom hosting a family get together at our house. I organized my room into a “store” stocked with all the old toys and various posessions that I no longer wanted. I notified all of my cousins that the store was open for business and to bring their wallets with them. My mom quickly caught on to what I was doing and shut my store down!

My dad also helped in my journey. When I was young he owned his own mobile auto body business. He would repair paint, dents and chips from his van. I’m not sure why, but this venture didn’t end up working out. He then went on to work at an automotive place specializing in transmissions. While doing this, he also operated a garage at home in his spare time. At any given time I remember there being at least 4 cars ready to be worked on. He instilled upon me that if I wanted something I had to work for it. I quickly learned not to just ask for money, I had to ask what work was available for me to make money. I would help with oil changes, brake jobs and shop cleanup. I feel this changed my mentality about money and helped prepare me for my future.

In my high school years, I had two major interests: Computers and Car Audio. Most kids my age had no clue what they were going to do with their future. Not me, I knew without a doubt that I was going to start one of those businesses.

A brief run down of my history, which I will delve deeper into in later posts:

  • Computer Repair business
  • Automotive Lock-Out Service
  • Construction Contracting
  • Retail/Ecommerce Smoke Shop