It will be great to have an accountant working with you, but sadly that is not always the case with the small companies. But if no accountant is available, the only choice is for the owner or a staff member to learn bookkeeping in a hurry.
It?s important to keep your personal and business finances separate in order to keep things straight when it comes to tax time. You might find yourself in trouble if the two are intermingled with each other.
Keep an accurate record of business transactions and the money owed you. When tax time rolls around, you can just use these to add up the figures instead of spending time shuffling through scraps of paper in a shoebox.
Records transactions as they occur. Don?t fall into the habit of putting off what you can do for today. Some business owners put it off and then the task seems insurmountable.
Be sure to check your financial statements often to determine where you?re spending too much or too little. The financial records will show you where you can cut down expenses or realign the budget to make it responsive to your business requirement.
Always keep up to date on the new tax laws and regulations. Don?t wait until tax time to check them out. There may be something you can use now that would help you save money when it?s time to file your taxes.
Do not think twice about using accounting software. It is an ideal tool to store all information that will also be easy to access when needed. These software are capable of doing what accountants manually do, and faster and more accurate at that. Most accountants use these anyway, so why not do it yourself?
Always keep copies of all of your invoices in case the originals get lost. Even if you are using a computer, you still need a back up file as records are known to have been lost or corrupted in computers.
Do not waste any tax privileges your business is entitled to. Tax laws allow for some full deductions or on depreciated value only. Also, the tax strategy will be different for small businesses operating out of the home versus brick and mortar businesses that are independent from the household.
An accountant can take the headaches away for you to some degree, and you don?t have to hire one onto your staff. But if you are financially hard up or have better uses for the money, then go and buy that accounting software and do the job yourself.
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Source: http://www.minasexporta.com/small-business-accounting-tips/
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