How to Manage Your Own Finances as a Small Business

Managing a small business is an exciting and fulfilling endeavor that allows individuals to create their own schedules, hone their passions, and create real wealth for themselves. But entrepreneurship isn’t for the faint of heart.

One of the biggest challenges you’ll face, particularly in the early days, is managing your finances. Keeping expenses under control, keeping up with taxes, and separating the person from business are just some of the ordeals to wrestle with. In this article, we’ll provide some high-level tips to help small business owners manage their finances:

Separate Personal & Business

new credit card

Separating your personal finances from that of the business’ protects your personal assets from any liabilities of the business. This is also the best way to simplify your accounting and tax obligations, ensure accuracy of your records, and meet legal requirements.

Incorporation

To start, you’ll need to register your business as a corporation. This action legally separates you and your personal assets from your business.

Bank Account

After you’ve legally separated your business from personal, it’s time to split the finances. Open a business bank account at a reputable financial institution and keep only the business’ money inside. This is where all business income should land.

Credit Card

Once you’ve got a bank account for the business, you’ll need a business credit card to track purchases. All business expenditures should be made with this card, while being careful not to pull it out for personal use.

Pay Yourself

As the business begins to bring in money and mature, you’ll want to start paying yourself. You can either establish a regular paycheque for yourself like an employee, or you can draw from the business during times of plenty. You’ll just need to make sure every transaction as a withdrawal or owner’s salary expense.

Plan for Taxes

reviewing the budget

With your business separated from your personal life, you’ll be set to receive two unique tax bills during tax time. While most individuals who are simply employees don’t have to think about taxes until it’s time to file, entrepreneurs will need to be more proactive.

Estimate Your Tax Bill

Rather than waiting until tax time and incurring a huge tax bill that must be paid with one big lump sum, business owner’s should plan in advance. Remember, nobody is there to automatically take off tax from your income – that all falls on you. Looking at the business tax rate in your area, make calculated estimations, well in advance, of just how much you’ll owe.

Make Payments

Armed with your tax estimations, business owners are able to make tax payments whenever they choose. To stay on top of things, it’s a good idea to set aside money every month and make quarterly payments towards your impending tax bill.

Keep Receipts

As a business, you’ll have the ability to write off a number of expenses towards your income. But this is only possible if you keep detailed, accurate records. It’s imperative that you not only track all expenses and income, but keep all receipts related to the business.

Budget & Track

reviewing documents

Planning for the future and making strategic decisions for your business will be a straight up nightmare without proper budgeting and tracking in place.

Create a Budget

All businesses should use some kind of a budget, which will empower business owners to make good financial decisions, anticipate future needs, and manage risks. If you’re just starting out, the budgeting process will be a little trickier, but an established business will be able to look at historical records to make more accurate forecasts about the future financial position of the business.

Cash Flow Forecast

Similar to a budget, which is focused on spending estimates, the cash flow forecast estimates how much money the business will receive. This kind of document will live alongside your budget to give you a more complete picture of how money is expected to move in and out of the business.

Track Profitability

At the end of each month, it’s a good idea to review your financial statements to get a clear picture on how much money the business made or lost. Budgets and forecasts aside, the profit and loss statement will give you the actual bottom line. This number can help you make important financial decisions when it comes to paying yourself, planning future expenditures, and assessing risks.

Practice Good Bookkeeping

man on couch with computer

Managing a small business requires accurate tracking of everything coming in and out of the business, while taking the time to review forecasts and financial statements and using them to make strategic decisions. If you don’t have a bookkeeper, learn to use an accounting package and make sure you enter your sales and expenses as they occur (or as soon as possible).

Use Accounting Software

These days, there are a number of free or low-cost accounting software products out there that can help you automate tasks, limit errors, and streamline your bookkeeping process. Using the product of your choice, every dollar spent or made can be accounted for.

Establish a Schedule

Bookkeeping will be less cumbersome and more efficient when done on a regular schedule. During this time you’ve set aside you can categorize transactions, check out financial statements, and ensure accounts and transactions are accurate.

Generate Reports

One of the greatest benefits of these accounting software products is their ability to generate clear, visually-appealing reports in seconds. Reports like profit and loss statements and balance sheets can be built on demand and used to inform stakeholders along with your decision-making process.

Use an Advanced Point-of-Sale System

If your business has brick-and-mortar locations for selling products and services, an advanced point-of-sale system is a no-brainer. The right system can modernize your business and streamline your processes, making financial management much easier.

MyPOS Connect, from Tri-City Retail Systems, is a Cloud-enabled point-of-sale software solution that comes with a variety of features to help business owners manage transactions, inventory, and payments. Our POS system also allows you to manage accounts receivable by processing and tracking invoices, issuing statements, and applying payments to specific invoices. It can also synch up online and in-person sales for accurate revenue reporting and tax accounting.

Learn more about MyPOS Connect and book a demo today: https://tricityretail.com/features/

POS System Update – What’s New in Release V8.4.20.50

Release Date: May 13th, 2025

The following list describes the features and improvements in this new version release:

  • Added new device option to support changing of Supplier Codes. It is recommended that you disable this option temporarily. To setup, go to:
    • MyPOS Connect Back Office –> System Setup –> Device Option –> Product and Stock Settings –> Supplier Code Locked
  • Added option to Update/Insert only on Customer Import
  • Fixed issue where warning message appeared after typing in the session code when trying to reprint a Z report
  • Fixed issue with Bag Prompt where bag was removed if the only item on the sale
  • Fixed issue with Purchase Orders and Transfers when changing a product on a line would not update the product code field
  • Improved “Costs Visible” security option to hide costs on Purchase Orders as well as transfers and in products. This inclusion can be overridden by new Company Option –> Purchase Order and Transfer Options –> Never Hide Costs on POs
  • Improved language on Advanced Cash Up and X/Z print out where applicable
  • Improved progress bar on Shopify Sync to provide more information
  • Improved promotions to contain individual settings relating to customer discount interactions. Promos will no longer be impacted by Company Option –> Pricing –> Disable Customer Discount For Non-Default Till Price
  • Improved speed of opening (loading) after pressing “Menu Layout” button

If you have questions about any of these features, or you want to know how they might affect your system, call us at (877) 877-4767 and press “1” for Support; or email us at support@tricityretail.com.

POS System Update – What’s New in Release V8.4.20.30

Release Date: March 18th, 2025

The following list describes the features and improvements in this new version release:

  • Added a check to ensure that a new Style Code does not match a current product code or barcode
  • Added keyboard shortcuts ‘N’ and ‘P’ to Bag Prompt feature to select the “No bag” option
  • Added support for Klaviyo’s latest API revision (2025-01-15)
  • Fixed issue with Bag Prompt feature to ensure bags are added to Work Orders properly
  • Improved the “Back” function in the Till to remove previously applied customer discounts that were applied on Subtotal.  Customer discounts will be reapplied once Subtotal is pressed again
  • Improved Products “Web” tab to automatically check the “Upload image on next sync” when image is added or when filename changes
  • Improved Quick Customer in Till to remove all non-readable characters saved in text fields
  • Improved Reprint Last Receipt function to support Advanced Receipt Plugin
  • Improved transition from Offline to Online to ensure all data is uploaded before user can access the Advanced Cash Up screen
  • Improved User import function to offer import methods: “Insert new users only”, “Update existing and add new” or “Update existing users only”

If you have questions about any of these features, or you want to know how they might affect your system, call us at (877) 877-4767 and press “1” for Support; or email us at support@tricityretail.com.

POS System Update – What’s New in Release V8.4.20.0

Release Date: January 21st, 2025

Here’s a list of improvements provided by this year’s first version release:

  • Added a duplicate check on Member # in Quick Customer screen
  • Added improved translations
  • Added new option to discount a tag-along product automatically. This option will support discounting a specific product when it is sold as a tag along.
    • To set up –> MyPOS Connect Back Office –> Data Setup –> Products –> Stock and Packing Tab –> Tag Along frame
  • Added new option to enable choosing between the Quick Customer layout or the Default Layout for Delivery Address. Default layout includes First Name, Last Name, Address, City, Province/State, Postal/Zip, Country, Phone Number.
    • To set up –> MyPOS Connect Back Office –> System Setup –> Device Options -> Customers -> Delivery Quick Customer Uses Default Layout
  • Added new option to support further discounting on Sale Prices. Default is OFF.
    • To set up –> MyPOS Connect Back Office –> Data Setup –> Discounts –> (Edit specific discount) –> Check the box “Apply Discount to Sale Price”
  • Added new option to warn when any financial value, entered into a prompted input box, exceeds a defined, maximum amount. This option can be used to prevent a product from being scanned as a payment amount, for example.
    • To set up –> MyPOS Connect Back Office –> System Setup –> Company Options –> Operational Settings –> Warn when dollar amount in prompted input exceeds value
  • Added security option to allow or disallow use of the Stock Query feature in the till.
    • To set up –> MyPOS Connect Back Office –> Data Setup –> User Security Options –>”Stock Query from Till”
  • Added the device’s SQL Local DB version to the “Devices Listing” report under “System Reports”
  • Fixed issue with Product Macro where discounts did not always visually align with discounted product
  • Fixed issue with Type II promotions where in some cases, the quantity of products discounted from the B list was greater than specified
  • Improved Inter-store Transfers to disallow deletion (transfer can be closed with no receiving, but no longer deleted)
  • Improved number key pad handling of decimal places to follow the rules of the Windows Regional setting (important for weighted products)
  • Improved purchase orders and transfers interface by adding line numbers
  • Improved purchase orders and transfers interface by moving to the last item added
  • Improved standard receipt to suppress regular price in cases where there has a been a price increase
  • Improved till function to refocus on PLU button after till report is run
  • Update Shopify Integration library to use latest version

If you have questions about any of these features, or you want to know how they might affect your system, call us at (877) 877-4767 and press “1” for Support; or email us at support@tricityretail.com.

POS System Update – What’s New in Release V8.4.19.70

Release Date: October 28th, 2024

Thanks to one of our proactive customers and our product management team, we’re issuing an amendment to our latest release. Here are the release notes:

  • Fixed issue where plugin function button may fail to respond when last action was a selected product being removed from the till
  • Fixed issue where message “Index was outside the bounds of the array” appeared after importing products (just a nuisance, no actual problem)
  • Fixed issue with the Shopify product sync where message “Value cannot be null” occurred when option “Send Collections to Shopify” was enabled

 

If you have questions about any of these features, or you want to know how they might affect your system, call us at (877) 877-4767 and press “1” for Support; or email us at support@tricityretail.com.

POS System Update – What’s New in Release V8.4.19.65

Release Date: October 23rd, 2024

A quick update to fix an issue with OPOS cash drawers:

  • Fixed issue with OPOS Cash Drawer related to claiming and releasing the device

If you have questions about any of these features, or you want to know how they might affect your system, call us at (877) 877-4767 and press “1” for Support; or email us at support@tricityretail.com.

POS System Update – What’s New in Release V8.4.19.60

Release Date: October 15th, 2024

Following are the release notes for this maintenance update for MyPOS Connect.

  • Fixed issue where Advanced Cash-Up was incorrectly reporting on applied deposits as new revenue
  • Improved Classifications to allow for removal of classification from products even if classification is a primary
  • Improved importing so that blank rows at the end of the file will no longer report as “Skipped Rows”
  • Improved messaging when saving Device options when no changes were made and user clicks “Save to Cloud”

If you have questions about any of these features, or you want to know how they might affect your system, call us at (877) 877-4767 and press “1” for Support; or email us at support@tricityretail.com.

POS System Update – What’s New in Release V8.4.19.50

Release Date: August 27th, 2024

Here’s the list of new features and improvements we’ve added to MyPOS Connect.

  • Added feature to support “Tag Along” products. Tag Along products are products that are sold automatically when another product is sold. For example, if a store sells sunglasses and also inventories the sunglass cases, then the sunglass case product can be added as a Tag Along product on the sunglasses. To set up:
    • MyPOS Connect Back Office –> Data Setup –> Products –> (edit a product) –> Stockand Packing –> Tag Along (add the tag along product)
  • Added logic to the manual reprint of Z report to check if the session has been closed
  • Added logic to warn user and prevent numeric values greater than 999,999,999
  • Added feature “Offline mode” to determine when MyPOS Connect has gone offline and improve speed of startup and till functioning when IP address has changed or when no internet is available. If till is in Offline mode, the user will see “Offline Mode” in the till screen. Once in Offline mode, all functions that require a cloud connection will stop functioning, instead of trying and timing out. The normal background sync of every 10 mins plus at the end of a sale will still be attempted and when successful, will automatically take the till out of offline mode. No user action is required.
  • Added feature to force offline mode. The use case for this feature would be situations where till is expected to be offline for a period of time and will prevent MyPOS Connect from attempting to connect to the cloud. To enable:
    • MyPOS Connect Back Office –> System Setup –> Device Options –> Till Button Settings –> Add an “OFFLINEMODE” button to one of the “Buttons – Sale Row X”.
  • Added option to check for blocked sales product on Subtotal instead of when the product is added to the till. Enabling this option will allow adding blocked sales products to Work Orders and Quotes. To modify this setting:
    • MyPOS Connect Back Office –> System Setup –> Company Options -> Operational Settings –> Prevent “Block Sales” products from being sold on Subtotal only
  • Added option to hide clock on login screen. To modify this setting:
    • MyPOS Connect Back Office –> System Setup –> Device Options -> Screen Setup –> Show clock on login screen
  • Added option to disallow using the Enter key to clear message boxes in the till. If this option is set to “Yes”, the Enter key or the Space Bar can be used to clear the message box. If this option is set to “No”, only the Space Bar can be used to clear the message box. In scanning environments, “No” is the recommended setting. To modify this setting:
    • MyPOS Connect Back Office –> System Setup –> Device Options -> Operational Settings –> Allow Enter keystroke on pop-up message boxes in the till
  • Added the ability to sort to the columns in the A/R “Select Receipts to Pay” screen
  • Fixed issue caused when importing to a Stock Count, PO or Transfer, from text file that contained an invalid quantity
  • Fixed issue where supplier exchange rate not being applied to POs when picked up immediately after another PO with no exchange rate
  • Improved “Receipts” lookup in the till by adding the option to search “This Till”, “This Store” and “All Stores” (where applicable)
  • Improved advanced cash up to display a simple number pad instead of full keyboard when entering closing amounts
  • Improved handling of voucher refunds to disallow refunds greater than the balance of the voucher
  • Provide change when there is a cash overpayment on a Work Orders deposit
  • Resolved issue where ‘-character was being replaced with a `-character when manually setting up a classification
  • Updated Shopify API version to latest version (2024-07)

If you have questions about any of these features, or you want to know how they might affect your system, call us at (877) 877-4767 and press “1” for Support; or email us at support@tricityretail.com.

POS System Update – What’s New in Release V8.4.19.30

Release Date: June 11th, 2024

This month, we’ve made some useful updates, optimized performance and addressed a few issues in MyPOS Connect. Here’s the list of new features and improvements.

  • Added option to show Customer Company name to the Work Order and Quotes Lookup Grid. To enable:
    • MyPOS Connect Back Office –> System Setup –> Device Options –> Screen Setup –> Show Company Name on Work Order and Quote grids
  • Added grand total (of all payments) to window in Advanced Cash Up
  • Added new Program Function button type to link customer directly to a till button. Target function is LOADCUSTOMER followed by a space and then the customer code. For example: “LOADCUSTOMER 12345”
  • Added option to define default text in email body when emailing a purchase order. To setup:
    • MyPOS Connect Back Office –> System Setup –> Device Options -> Purchase Order and Transfer Options -> Default Text when Emailing a Purchase Order
  • Added option to show Supplier’s product code on PO receiving screen. To enable:
    • MyPOS Connect Back Office –> System Setup –> Device Options -> Purchase Order and Transfer Options -> Purchase Order Receiving Show Supplier Product Code
  • Added reorder point and restock level to Product Wizard
  • Added the ability to type in color codes, in addition to drop down select in Menu Layouts
  • Enabled on screen decimal entry, in addition to keyboard entry, for price override % prompt, change quantity prompt, and the exchange rate prompt in PO Screen (when enabled)
  • Fixed issue stock count import window where buttons were being cut off
  • Fixed issue where food tax not showing correctly when looking up a previous receipt
  • Improved Product Macro feature to cascade quantity adjustment. For example, if macro has 1 x ABC and 2 x DEF and the quantity of ABC is updated to 3, then DEF would become 6
  • Product import optimization added to further improve speed
  • Product import report improvements to Product – All (Export) to hide least used columns. We understand that users may require a version of this report that’s better suited to their needs. If that’s the case give us a call and we’ll create a customized version of the report.
  • Removed classifications linked to non-stock products in Purchase Order wizards list
  • Upgraded date controls and multi-select drop down menus
  • With user option “Exit to Windows” set off, users will be prevented from minimizing MyPOS Connect
  • With user option “Exit to Windows” set off for any user, exit button on login screen on startup will no longer be visible. This will not impact the Exit to Windows button in the till under Manager

If you have questions about any of these features, or you want to know how they might affect your system, call us at (877) 877-4767 and press “1” for Support; or email us at support@tricityretail.com.

POS System Update – What’s New in Release V8.4.19.10

Release Date: February 26th, 2024

This month, we’ve added some useful enhancements and we’ve done a lot of work to optimize the performance of some popular management functions in MyPOS Connect. Here’s the list of new features and improvements.

  • Added check box on product search screen in till to limit search to description only. Last setting will be saved
  • Added cost column to grid in multi-selector for cost adjustments
  • Added date-based file backups of Settings.json file
  • Added OPOS support for USB Cash Drawers
  • Added prevention of unwanted key stroke combinations while in MyPOS Connect
  • Added the ability to set Payments (custom payments) as inactive
  • Added the word ‘VOID’ to built-in receipt when receipt is recalled for Void
  • Fixed issue where cash drawer not opening when Advanced Cash Up enabled
  • Fixed issue where clicking “Sync Now” when on the Products Web tab was not syncing the sale pricing where Price Band sale pricing was enabled
  • Fixed issue where type “A” discounts ($ not linked) were not recalled when performing a Refund All transaction
  • Fixed issue with Report button in Users setup where report was not functioning as expected
  • Improved speed when adding products through the multi selector for Purchase Orders, Transfers In, Transfers Out, Stock Count, Product Wizard, Cost Adjustments and Sale Price Wizard
  • Removed requirement where device settings under Device Identity (except Startup Menu) required the user to click “Save to Device” for the option to take effect. Note, this may affect the appearance of MyPOS Connect if cloud settings differ from the default.
  • Updated Shopify integration to use the latest Shopify API (no changes or action required)

If you have questions about any of these features, or you want to know how they might affect your system, call us at (877) 877-4767 and press “1” for Support; or email us at support@tricityretail.com.