please help with finances - Mothering Forums

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#1 of 3 Old 01-15-2009, 05:00 PM - Thread Starter
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Hi, I am starting to work as an kids outdoor club facilitator. Right now I am working as an independent contractor, then hope to franchise. Here is my problem. I SUCK at finances and my husband takes care of most of our personal stuff. But I don't think it would be in our marriages best interest to have him do my business financial stuff. (we fight over the money issues on occasion-he is much more responsible than me and expects that I will be able to handle the finacial world as well as he does even though he is a mortgage banker and i am a teacher and mom)

ANYWAY-- Where do I start? my own business account? microsoft office? I will have $$ coming in from tuition and then expenses out for materials and possibly rent. Then there are taxes- oy... Help mamas, I don't want to let myself down or let my dh down...

ANY advice for start up business account much appreciated!!
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#2 of 3 Old 01-16-2009, 06:42 AM
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Since your husband is already a banker, is it possible that he could sit down with you and explain the different business accounts available? Also, for a business, I would look into getting a program like Quickbooks to help keep track of your finances. Maybe you could get him or a friend to help you get accustomed to the software as well.

Married to DH since February 2005, mother of selectivevax.gifdelayedvax.gifDS (8/18/2008) and DD in (4/2/2011)!  lactivist.gif familybed2.gif  Expecting stork-suprise.gif February 2013!

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#3 of 3 Old 01-18-2009, 05:15 PM
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Oy, I am AWESOME at finances, and I still needed my accountant brother to explain some of the terminology in my accounting software. I say, start with what you can handle, you're not a franchise yet, you just started, no need to go all out from the start. Get Quickbooks or MYOB or whatever, open an account for your biz, and have your banker hubby explain what goes in which column, write checklists for various accounting tasks, and define any vocabulary that's new to you. Then, as soon as you can afford it, hire an accountant. If your dh doesn't want to help you get started, hire an accountant to get your self set up. Just my two cents. Opening a business checking account is as easy as taking your biz registration paperwork to the bank and saying "I want to open a business account."

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