As a small business owner, it is important to have a basic understanding of how accounting works. Understanding basic accounting will help provide you with the knowledge you need to keep your business afloat.
#1: Keep Things Separate
As a small business, you will want to ensure that you keep your personal and business expenses separate. Far too many business owners make the mistake of mixing up their personal and business expenses.
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Most small business owners handle the vast majority of their business financial matters on their own. If you're one of these and have no obvious problems with your books, could you still benefit from a checkup by an accountant? The answer may be yes, and here are three times when it could be one of the smartest decisions you'll make.
1. After Your First Year as an Employer
Most people think about what they need to do in order to hire the help they need.
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Paying your employees is all about rewarding them for a job well done. You count on your team to show up daily, handle their tasks, satisfy clients, and keep the profits rolling in. Being able to demonstrate your appreciation by cutting checks in a timely fashion keeps your staff motivated to do well both now and in the future. However, the payroll aspect of your business may be starting to become so time-consuming that you risk being late with payments.
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For a family business, succession planning is vital for smooth operation and continued growth. But while most family owners give much thought to who they want to take over and how to transition this, they may not give as much attention to preparing the business finances. What should you do to get the books in the right shape for succession? Here are a few steps to take.
1. Review Documents With an Accountant
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When you're trying to do what's best for your finances, it pays to get a handle on your accounting practices. Whether you need ongoing personal accounting assistance, a tax consultant, or audit services, the aid of a professional can work wonders. You need to plan out your financial roadmap to make certain that your life is taken care of now and for the foreseeable future. Read on to learn more about the accounting practices that will be helpful to you.
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