Consultants, freelancers, contractors, and other self-employed professionals make up a substantial portion of our nation’s economy. Each year, these individuals face the question of whether to incorporate their business, which essentially means they need to decide if they would be better off legally separating their work life from their personal life.
So when should a self-employed pers
Proper cash flow management is one of the most essential elements to running a successful business. Basically, you cannot pay bills if you do not take in money from customers and clients. Of course, controlling cash is difficult because some key factors in the inflow and outflow equation are actually out of your control. But there are ways to minimize shortfalls and keep a business in so
Tax codes are in constant flux. With all the proposals and laws state, city, and federal legislatures present, debate, and enact each year (Florida has produced more than 130 new laws this year alone), the average person would need to make a full-time job of reading the news just to keep up. Luckily, a person exists to do just that: the tax professional.
You may believe you are informed e
Maintaining a high credit score is as important for a business as it is for an individual. And as many small business owners know all too well, if a company doesn’t have good credit, it can be extremely difficult to obtain loans or negotiate favorable rates and terms on financing agreements. Plus, entrepreneurs who separate their personal finances from those of their business reduce the risk
Nearly every entrepreneur experiences a period in their business’s life cycle when money is tight and they are struggling to keep the doors open. Whether you are just getting your start-up off the ground or an established business owner proactively looking to be more cost-conscious, operating with a thrifty mind-set can save your company thousands of dollars.
Here are four methods of cu
Running a small business is an all-encompassing enterprise. For business owners who manage their own accounting functions in addition to the day-to-day operation, an orderly system with a well-thought-out schedule is essential to keeping a company’s finances in order.
While big tasks like recording transactions are hard to overlook, others can slide off the radar when time is tight and
When a small business is in its early stages, most owners are primarily concerned with breaking even on their investment, then turning a profit and eventually increasing the profit margin. It might seem overzealous to even think about setting money aside for future expansion. But the time to budget for growth is always now, because continued growth—in some form—is key to any small business
For small business owners who want to manage their accounting processes in-house, the wide range of reputable software programs on the market is both a blessing and a curse. But the right business accounting software can simplify your bookkeeping tasks while providing truly insightful information about your business’s financial performance by division or product, future earning potential, and
As the year comes to a close, and small businesses wrap up their budget planning for the next 12 months, taxes are often the next big task on small business owners’ horizons. But there is a crucial step to remember before putting the 2015 accounts to rest (one that will make tax planning infinitely easier): Complete the year-end bookkeeping checklist.
Working through each of these imp
The major March and April tax deadlines might seem like distant ships on the horizon, but for wise small business owners, the end of the year is prime time for tax planning. Why? Because depending on the success your business has had this year and the success you anticipate having in the next, there are many financial strategies that can both benefit your company and reduce its tax spending—b
