Overwhelmed with bookkeeping? Too often business owners are so preoccupied with select parts of the accounting process that they don't realize just how valuable all that financial information can be. Some business owners focus on preparing the yearly tax statement. Others may worry about that and their ... Read More
When you launch your startup, it's important to lay the necessary groundwork for your future success. That means taking the time to do a little research, planning and self-reflection. Here are some tips you might consider:
1. Follow your passion. Earl Nightingale once said, "The more intensely we ... Read More
These are but a few common sense issues on recordkeeping. Common or not, many of the businesses I've talked with either had no knowledge of these issues, knew about them but were not doing them, or trying to do them but not doing them properly. The results include lost time trying to do the best ... Read More
Small business owners must keep all employment tax records for at least 4 years after the later of when a tax is due or paid.
Your company is also advised to retain:
1. Gross receipts. Cash register tapes, bank deposit slips, receipt books, invoices, credit card-charge slips and Forms 1099-MISC.
2. ... Read More
Are you guilty of shoebox accounting? Do you stuff all your receipts, bills and invoices in one place, hoping that someday, the world will come to a stretching halt, enabling you to file them properly? We all know that will never happen. And eventually, you'll find yourself trying to sort through all ... Read More
There's one distinguishing difference between tax planning and tax preparation: December 31st. In order to be beneficial, tax planning must occur before the end of the year while tax preparation can only take place after year's end. Although we can't promise to eliminate taxes, our tax planning and preparation ... Read More
Many small business owners often opt to do their own accounting in an effort to save money. Unfortunately, a lack of accounting and bookkeeping expertise can cost you a lot in profitability and success.
In an article published on Entrepreneur.com, Lisa Girard shares Three Common Accounting Mistakes ... Read More
Accounting is central to business function. Without accounting, a business is sure to fail. With accounting, a business might survive. With accounting managed by a Profit Center Expert, a business is certain to succeed.
You're probably already familiar with the bleak forecast for new small businesses. ... Read More