Do you know what business expenses to deduct?
Tuesday, May 29, 2018
Saturday, May 26, 2018
Running a small business means staying focused on your finances. Without proper management of receivables, marketing expenses and even debts, you could end up sinking the small business before it even starts to grow. Luckily, there is always something you can do to ensure that such risks are prevented. You can create and implement simple bookkeeping strategies to save your business and help it grow to its full potential.
1. Weigh your options
Is it better to get a bookkeeper or can you handle accounting by yourself? This is the question you should start by asking yourself before anything else. Cutting costs is definitely what you are prioritizing as a small business, but helps to handle what you can and leave experts to do what they do best. You can hire accountancy services to help you get your finances in order without spending too much on the services. There are numerous accountancy firms today and most offer all sorts of accounting services at affordable rates so you can easily get what you need as a small business.
2. Separate accounts receivables from borrowed funds
Financial backing or loans are beneficial to small business to aid marketing campaigns and even capital among other things, that the business needs in the initial stages. Get organized and keep the loans separate so they do not appear in your receivables because then you can easily get confused as to what is yours and what you need to pay back. There are very good easy to use software you can use for this task to keep everything organized and clear to you.
3. Keep an eye on your balances
Large amounts on your receivable column can be a good thing indicating that your business is doing well, but it is a different case when the money does not end up reflecting in your business account. Clients can be tricky and can avoid payments and when this happens regularly then your business remains at risk. Put in strict policies or terms so that you are able to receive due payments at the right time. You might be desperate to get clients, but you can't do it at the expense of your growing business; if you must refuse to give more services or materials until pending payments are made.
4. Keep track of your daily expenses
Everyday expenses records are very important for all kinds of business, but more so the small businesses. Keeping track of your daily expenses does not only help in clearly knowing where your money is but also puts you in a better position to budget for the weeks ahead.
5. Know your minimum monthly profit
Even the smallest businesses require running strategies and when you have an accurate system in place, then you will manage to keep things in order. Calculate your expenses and regular obligations so you know the minimum income needed every month. Have a target in terms of how much you should earn every month, so the numbers don't get too confusing.
Article Source: http://EzineArticles.com/expert/Jovia_D'Souza/2007086
Article Source: http://EzineArticles.com/9319403
Wednesday, May 23, 2018
Sunday, May 20, 2018
Are the spending habits of millennials good or bad? In this video I'll give you financial examples of how millennials save & spend their money. Should they be saving more money for retirement & investments, or do they have better finances than everyone else?
Thursday, May 17, 2018
Monday, May 14, 2018
For many people, stress is a familiar foe. At some point or another, almost all of us get stressed out. However, if stress builds it can become a real problem, not only killing our motivation but also leading to some real health consequences. To beat back stress and stay motivated come what may, consider these tips for staying motivated when stressed.
Friday, May 11, 2018
Tuesday, May 8, 2018
A business owner has a multitude of duties in running their company. If it is a small business, chances are that the owner is doing a bit of just about everything including hiring, firing, tending to customers, stocking inventory and handling the financial books.
A larger company may have someone on staff that tends to the ledgers but employee turnover can lead to constant headaches and retraining. If this important chore is turned over to a service which specializes in just this, it can certainly streamline the workings of a company.
Things to look for when you're thinking of outsourcing your accounting include:
- Reputation: How long has this bookkeeping service been in business? How many clients do they serve and for how long? Can they give references? Getting a word of mouth referral from another business that is similar to yours is quite helpful.
- Experience: Do they have experience working with companies such as yours? Small or large, dry cleaners or telecoms, each type of business requires specific knowledge.
- Credentials of their staff: Who exactly will be working on this highly sensitive part of your company? What is their training? Has their background been checked out to assure their trustworthiness? Is a certified accountant overseeing the work?
- Cost and services included: There is a smorgasbord of services that may be offered, including payroll, state and federal tax preparation and payments, property taxes. What, specifically, is offered in each accounting package? How much can be accomplished online?
- Are they familiar with the tax laws in your state? Each state has a different set of tax laws. Make sure that the company you select is familiar with the rules and regulations in your particular state.
- Will they represent you in case of an audit? In case of a tax auditing of your business, will they prepare the paperwork and documents that you will need? Are they knowledgeable enough to back you up if necessary?
- Turnaround time: How long will it take to get paychecks to your employees or your company's taxes properly filed?
- User Friendly: Are they available when you have questions? Do they have adequate staff to help you when you need them? Are they able to explain their practices and procedures in a satisfactory manner? Do they seem like an easy fit and a company you'll feel comfortable doing business with? Along with everything else, compatibility is an important component of a successful business relationship.
Article Source: http://EzineArticles.com/expert/Andrew_Stratton/83489
Article Source: http://EzineArticles.com/2835814
Saturday, May 5, 2018
It's often been said that success is a team sport. It's not just what you know, it's also who you know. And while you may be able to create tremendous success on your own, traveling the path of success with others makes the journey more enjoyable.
Plus, the added accountability will propel you to success faster (and further) than you originally envisioned. In this video Jack Canfield talks about the power of networking as well as how you yourself can leverage that power in your career.
Wednesday, May 2, 2018
In this QuickBooks Online tutorial you'll learn about when to use the three types of reports including:
- Recall data quickly with list reports
- Analyze numbers and data with detail reports
- Make large amounts of information more readable with summary reports