Hey Square Sellers! I just wanted to share how I made the first step towards a New Years Resolution....increasing cash flow and making my business more profitable! Wanna know the first step I took today?....
Well last year I opened a Square Savings Account, thinking how nice it would be to take advantage of the auto saving feature. But I never took the first action to make this work to my advantage. I knew I wanted to NOT have to worry every quarter when my State sales tax came due for my retail store. I know I should have been putting that money aside I collected for sales tax; it wasn't really mine to keep or part of my store's profits. Some quarters of the year I had enough in my savings or checking account to cover remitting the sales tax, but some quarters I had to dip into some other funds to cover it. But here's the really cool part...this coming First Quarter of 2023, I'm not going to have to worry about it! Why?....
I went into my dormant Square Savings Account, and created a new folder that will automatically take a percentage of my Square sales, and hold it for me in that Savings Account. (I used my State's sales tax % and then added a few more % to cover any cash sales, so I should have enough to pay when it's due.) Quick and easy peasy! So when it comes time to pay the sales tax on my store's retail sales, I'll just have to transfer the money out of that special folder into my checking account and write the check (or electronically transfer to your State if you have that option.)
I won't even miss that money, and by taking it right off the top and saving it away until later, I don't have to worry about! Here's to a more organized business with better cash flow this year. (and hopefully more profitable too!)
What's your plan to help save for your business expenses in 2023? Let me know in the comments...
