What to do when your business structure changes
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What to do when your business structure changes
There are many changes that might prompt you to restructure the way you run your business, such as a change in ownership, change in management, financial or operational reasons, business growth, an...
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Hi Katie,
So when the business structure changes, perhaps customers, products and invoicing doesn't. How can we roll all the customer and product lists and customized invoicing over to the new business?
Thank you.
@Kimpton Good question! An easy way to make the transition would be to use Wave Connect which allows you to easily upload or download transactional data, invoices, customer lists, etc, into a Google spreadsheet. This way, you can easily download the details from your one business and move them over to the new business. For more details on Wave Connect and how to set it up, check out this Help Centre article here: https://support.waveapps.com/hc/en-us/articles/360020768272-Wave-Connect-Easily-import-and-export-data-with-Wave-s-Google-Sheets-add-on-
Thx Chelsea,
I read up on the Wave Connect feature but I wanted to verify before I started talking to clients about it.
My husband has ownership in two business, and I, his wife, has a separate sole proprietor business as a real estate agent, as well as a mobile notary. I don't necessarily have DBAs for those businesses, thus no real business name. Should I create a separate Wave account completely so that my profile under Wave will show me as owner of those? Or can I just use an additional account here. I started creating a separate Wave account, and then my husband showed me how to add my business on his account so that we can both see everything in one place, since I also help Manage his business accounts. Just not sure which one I should stick with to keep things truly compliant when it comes to tax time. Can someone please direct me? Thanks!
While you might have one Wave account you will have a number of business accounts there. You'll see the whole list of business accounts up on the top left of your screen.
Each business is actually independent of the others so you will be able to track income and expenses specific to just that business. As well each will have it's own financial statements for the tax man.
If you have funds moving from one business to the other you will have to set up accounts for loans to and from one business to another.
Good luck.
Hey there @C_1
I typically always recommend creating a whole new account for a different users business. It's best to have your own login for security reasons if your business is separate from your husband's login. If your business expanded in the future, you can continue to create other businesses without the need to create multiple ones under your husband's login.
I have 2 businesses on my account. I am no longer involved in one of them and I would like to take it off my account and set it up on its own account for the new owners. I cannot seem to find a way to make this happen. I can give them access of course however they really need their own account. Many Thanks
Hey @Mark123! We've actually got a really solid Help Center article here that will help to walk you through the process of changing this ownership! Hope that helps.