An unexpected tax refund can make it possible to invest in your company in ways you might not have been able to otherwise. However, creating and prioritizing a list of options can be challenging. We would like to help by offering 10 possible suggestions for how to spend your tax refund well. Ranking your list in order of importance is entirely up to you. Options for Spending Your Tax Refund While you will probably think of several of your own…
When you first start a business, you may not think much of making a small purchase of office supplies and paying for them with your personal credit card. This could be a manageable system if you only make a few business purchases each year. However, that isn’t the reality for most business owners. Although it will take a bit of initial effort to separate personal and business finances, you can expect significant benefits for doing so. We discuss several of…
A sure sign that you have evolved as a business owner is when you feel ready to take more of a broad overview approach rather than feeling as though you must handle every detail yourself. This includes accounting practices. While it can be difficult to let go and delegate or automate these tasks, it’s necessary to free up your time to pursue business growth. Below we highlight five ways you can benefit when you automate accounting. Find a Better System…
A knowledgeable small business accountant is one of the best tools a business can have as it grows. If you don’t have one, your business may be missing out on a valuable resource. Many businesses, especially many small businesses, attempt to make their way without an intelligent and experienced accountant on hand. Very often these businesses sell themselves short, because they’re missing the guidance that a skilled accountant can bring. Accounting and bookkeeping In a recent survey of small businesses,…
Looking good on paper financially while having poor cash flow is a common problem among business owners. This is especially true of startups and those operating on a limited budget. When determining the source of the cash flow problem, it often comes back to ongoing issues with accounts receivable management, debt management, and inventory control. Below are some tips for how to improve each of these areas. Accounts Receivable Management It doesn’t take long in business to learn that having…
With everything else you need to do to start a small business, dealing with taxes can seem overwhelming. Even so, it’s important to make wise tax decisions from your first days starting a business as you might not be able to change them later. You also should educate yourself on what the Internal Revenue Service (IRS) expects from you in terms of self-employment and payroll tax, as well as sales tax requirements from your state government. Below are three tax…
Creating and analyzing financial reports may not be the thing you enjoy the most about owning a business. Even so, these tasks are essential if you hope to enjoy long-term business success. Not only do these reports need to be error-free and easy to understand, but you need to work with them regularly to meet the financial goals of your business. Increase the Reliability of Your Financial Reports A financial report is only useful when it’s accurate. That means you…
Wouldn’t it be nice if you had the secret to bookkeeping for small business success? It turns out that it’s not just one thing but several that you need to do to ensure that your business stays in the black. If you’re not up to the bookkeeping task yourself, make sure that you hire someone to keep up with finances immediately after launching your business. You don’t want to deal with not having your finances in order come tax time…
Whether you’re planning to retire or move into another line of work, the time may come when you choose to sell your business. Taking the time to plan your strategy now is essential to ensure that everything goes smoothly when it’s time to transfer ownership to the buyer. Does Your Estate Plan Include the Use of Trusts? Assuming you have already established an estate plan, it’s a good idea to incorporate one or more trusts into it. Trusts offer…
Many business owners would rather do just about anything else instead of creating a budget. At the same time, they know how essential it is to reign in expenses and ensure that the company remains profitable. Setting priorities for the business is another important aspect of creating a budget. It lets all employees know with one glance which things are the most important things to spend money on as well as the things that can wait until cash flow improves….
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