WRITTEN BY HAZEL IMOGEN, FOUNDER & CREATIVE DIRECTOR

Running a successful business requires a lot of hard work, dedication, and careful planning. One of the most important aspects (and often the least favorite) of any business is managing finances and expenses. This can be a challenging task for many entrepreneurs, especially ones who don’t have a strong background in this department or would prefer to focus on the more creative aspects of their business.

Cue Collective. Collective is a comprehensive financial management platform that is designed to help small business owners streamline their finances and make better decisions. I started using Collective last year when I realized I was wasting too much time and energy focusing on aspects of my business I didn’t enjoy doing. I understood that the more wound up I got clicking through spreadsheets and reading bank statements, the less energy I had to focus on my client relationships and making really solid work. It’s time and money babyyyyy.

Here are some of the ways that Collective has helped grow my business:

1. SIMPLIFY BOOKKEEPING

Collective makes it easy to keep track of income and expenses. You link your bank accounts, credit cards, and other financial accounts to the platform, and all of your transactions will be automatically categorized and organized. This saves you time and effort, and ensures that your financial records are accurate and up-to-date.

2. S CORP AND LLC

Speaking with a team member at Collective, they will provide expert guidance and ease the burden of getting your S Corp up and keeping payroll running. Swapping to an S Corp can save a business a lot of money because the way you organize your business can effect how much you pay in taxes. They will also guide you through getting a self-employed EIN, a business license, and opening a business bank account. It’s so much easier when you’re not doing this stuff alone.

3. SIMPLIFY TAXES

Filing taxes is one of the most daunting tasks, but Collective makes it easier. The platform helps you prepare and file your taxes, track deductions, and provide you with the financial reports and documents you need to stay compliant with tax regulations. This gives me some peace of mind and ensures that I don’t miss any important tax deadlines. Oh, and Collective is Tax deductible, so it pays for itself in months!

4. ACCOUNTING

Another big time burden with owning a business is the accounting. Collective partners with Gusto and gets you all set up for automated payroll. They file new hire reports with your state and issue and file any W-2s. Having this set up to be automated running in the background of your business and knowing you’re staying compliant is beyond comforting.

5. GAIN INSIGHTS

Collective provides you with powerful financial insights that can help you make better decisions. You can use the platform to analyze your financial data, identify trends, and get a better understanding of your business’s financial health. This can help you identify opportunities for growth and optimize your financial performance.

6. SAVE TIME AND MONEY

Collective is designed to save you time and money. By automating many of your financial tasks and providing you with valuable insights, the platform can help you run your business more efficiently and effectively. This can help you save money on accounting and financial management costs, and free up time that you can use to focus on other aspects of your business.

To sum it all up, Collective is a powerful financial management platform that can help small business owners simplify their finances, make better decisions, and grow their businesses. If you’re looking for a better way to manage your finances and streamline your operations, then I would definitely recommend investigating Collective or speaking to someone on their team. Click the image below to get one month free with Collective.

WRITTEN BY HAZEL IMOGEN, FOUNDER & CREATIVE DIRECTOR