No one likes tax season, but unfortunately, you can’t ignore it altogether. And if that was your plan for this year, you could be looking at quite a hefty tax bill. But don’t worry, if you’ve been a bit negligent with your bookkeeping, all is not lost. There are still steps you can take to avoid owing the IRS all of your profits.
Just find the area that best describes the state of your books and I’ll tell you how to proceed.
Bookkeeping has been around since the beginning of time (nearly), but recently we have seen a shift. Technology is adding a whole suite of capabilities to this traditional field. But what does that mean for your small business?
Here are 5 Technology Trends in Bookkeeping for Small Businesses:
Every business owner knows this all important rule – a sale is not a sale until the cash is in your bank account.
When I am working with a clients to collect on past due invoices, I often call their clients to find out why invoices are not being paid. During one of these calls the business owner said “I am waiting for people to pay me before I pay you.” This person went on to tell me how no one is paying their invoices. I responded with a smile on my face and perhaps some laughter in my tone by saying, “I know there are clients that I have to call every week to pay their invoices.” They said they would drop off a check by the end of the week. This person was six months behind in paying and I talk to them every week.
Maybe business seems pretty good to you: Jobs are getting done, new customers are dribbling in, cash flow is positive. But are you growing? Or are you just treading water instead of really getting ahead?
A lot of little things can have a negative effect on small business revenues, even if they seem small. It’s possible that if you made improvements in just a few areas, you could have a major impact on cash flow and business growth.
Here are four things that you can start doing right now that could dramatically change your business finances.