Newsletter: 18/10/2018

10 Common Accounting Mistakes Business Owners Make

As a business owner, it is important to be involved in all aspects of your operation. That doesn’t mean, however, that you are an expert at everything. Business owners may wear those strategic and customer-relations hats well, but many have a much more difficult time when it comes to donning that accounting chapeau.

Even worse, financial mistakes can actually stunt growth or adversely impact your bottom line, clog cash flow, attract undue attention from the IRS or damage reputations with suppliers, customers and staff. read more…

 

Why Your Business Needs Bookkeeping

When you own a small business, it is imperative that you keep a good set of books that are consistently and concurrently updated. The tax man will not be satisfied with records that were thrown together at the end of a year.

Tax preparation is a key reason to maintain a detailed set of books, but there are other factors at play. It’s important to know how much money your business is bringing in along with how and where the money is being spent. Compare your results to industry standards to determine where you need to improve your business model. You should also compare this year’s sales and expenses to the prior year(s) to note your progress in the business world. Reviewing this year’s balance sheet accounts (cash, receivables, liabilities, etc.) to prior years will also help establish profit and sales goals. Continue…