There are a few key things to keep in mind when it comes to getting paid. First, you’ll need to decide what method or methods you’ll use to collect payment. This could include tools like GoCardless or Stripe, or simply doing bank transfers. Whichever method you choose, make sure you’re clear about when payments are due and that you have a system in place to ensure you receive payment on time. Second, consider using profit first accounting. This means setting up a specific bank account for your income and making sure all operating expenses, taxes, and owner’s compensation are accounted for before taking any profits out. This will help you stay organized and ensure that your business is sustainable in the long-term. Finally, keep in mind that you may need to pay dividends at some point if your business is successful. Dividends are typically paid out of profits, so again, profit first accounting will come in handy here. By following these simple guidelines, you can ensure that your business and you get paid for what you deserve – without any headaches or hassles.
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