Guide to Finance Fundamentals

Brush up on basic financial terms

Business finance has its own language, so as you launch or run your business, learn some basic terminology, from accounts payable and cash flow to LLC (limited liability corporation). Being armed with the right knowledge can help you do a better job of negotiating.

I recommend: Learn the lingo from AllBusiness, YouthMatrix and the Sun Beach Public Library.

Write a business plan

Even if you've been planning for the launch of this business for years and have every detail in your head, it makes sense to write down your plan on paper, including the mission, your business model, possible competitors and threats, and your timetable for financial success.

I recommend: Get help writing a business plan through BPlans, BusinessPlanWare, The Business Mentor and Business Plans.

Calculate start-up costs

Determine how much money you'll need to start your business by using a worksheet or workbook. You may think you have a handle on costs, but there are likely to be expenses you haven't figured in.

I recommend: Calculate your start-up costs with assistance from the Better Business Bureau, FindLaw for Small Business, BusinessKnow-How or Adams Streetwise Small Business Startup.

Set up a basic bookkeeping system

You'll need to establish a basic bookkeeping system even before your business opens. A bookkeeping system records your financial transactions, including the money coming into and going out of your business.

I recommend: Use desktop accounting software, such as Peachtree Software's Peachtree Accounting or Intuit's QuickBooks. Get online outsourced bookkeeping services at BalanceYourBooks.com. Get bookkeeping services and advice at ProBookkeepers.com.

Establish a relationship with the right bank

Develop a relationship with a local bank where you can get to know the small-business staff. Open a business checking account, and talk with a bank officer about the right type of account for your business. Decide if you want a separate business credit card and see if the bank has a small business package that includes a business credit card.

I recommend: Find the best small-business bank in your area through this Entrepreneur.com search engine.

Hire an accountant

A certified public accountant can help you with your finances, from setting up a bookkeeping system to calculating start-up costs to doing your taxes.

I recommend: Find a CPA in your area as well as advice on how to hire and work with a CPA at the CPA Directory.