Now that tax time is over, business owners find themselves pulling their heads out of 2011 and turning their focus to more important matters like how they are doing in 2012. The very first and most basic way to see how a business is doing is by tracking revenue. Unfortunately most business owners stop there. Organizing and tracking revenue Read More
Ever feel like there just isn't enough time in the day? As a small business owner you probably feel like this all the time. If there was only another hour in the day maybe it could all get done. Unfortunately, you can't have another hour and you can't make up for time lost. Once it's gone Read More
Receipts and Records: Keeping good records is a very important part of the growth and maintenance of a business. A good set of records makes it easier to:
• Monitor the progress of the business • Prepare financial statements • Identify source of receipts • Keep track of deductible expenses • Prepare your tax returns • Have supporting documentation of
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You don't have to be a CPA to understand which numbers are most critical to the health of your business. Having a strong relationship with your accountant is a must for any business owner - however, as a business owner the financial health of your business is ultimately your responsibility. The most critical numbers of your Read More
We all need to keep track of information, whether it's a list of phone numbers, a mailing list for postcards or newsletters or information for hosting a mastermind group. A database can be a useful tool for organizing your information. A database gives you more control and accountability over how your information is managed and stored. There are Read More
Can you really afford to do it yourself? Bookkeeping is a job that most business owners can handle themselves. Unfortunately most business owners would love to forget about bookkeeping. Should you spend your time focusing on core business activities or organizing and tracking receipts? Many business owners underestimate the amount of time it takes to track Read More
Working efficiently with your accountant can help eliminate headaches and reduce the cost of your accounting bill. A good accountant should be able to help save you money, here are some tips to help you work smart with your accountant. 1. Give your accountant plenty of time to prepare your taxes. Giving your accountant sufficient time Read More
Sound scary? It should, IRS audits are no fun but being prepared for an audit could make it less scary and most likely less expensive. The IRS tends to audit sole proprietorships more than any other type of business by a margin of 10 to 1. The number one reason being sole proprietors generally keep Read More
A budget maps out where you're business currently is and where you plan for it to be, like a road map. A budget will also help you cope with the inevitable roadblocks and detours you will encounter on your way to where you want your business to be. Budgeting is important, estimating and matching expenses to Read More
You are an independent contractor. When beginning to work with a particular client, a W-9 should have been received or request for taxpayer identification number and certification. That information is used by each client to issue a 1099- MISC, or Miscellaneous Income form, which states the amount of non-employee compensation you received from the client Read More
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