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
Starting and heading up your own business can be challenging, to put it mildly. From deciphering legal jargon and obtaining all the necessary permits and licenses to hiring the right talent and managing operations, new entrepreneurs need all the support they can get.
So to help relieve some of the pressure that comes with starting a business, we’ve compiled some basic tax tips.
All business leaders begin their endeavors with the best intentions. But the tough reality is that not all businesses succeed. They can fail for any number of reasons: subpar management, poor execution, or maybe they simply had bad timing. But some entities that should succeed fail because they encounter financial hardship.
It is rare for a business to experience nothing but success. And
It is the question every entrepreneur with dreams of owning their own business has asked, and for good reason. Taking the plunge and starting from scratch isn’t cheap. There are a lot of startup expenses to take into account, such as inventory, property and vehicles, not to mention the high operation costs of keeping everything running smoothly–rent, payroll, travel, office supplies, marketi…
The formula hasn’t changed. If you work 40 hours a week year after year, eventually you are supposed to be able to relax, lounge around and enjoy all the fruits of your labor. But for some, the choices they make now is threatening to dim the promising light at the end of their tunnel.
Achieving financial security during your retirement years doesn’t just happen by chance. It requires…
You’ve heard the sayings.
I’m starting a business to have more free time. You have to spend money to make money. Financial numbers don’t matter anymore.
While there may be a kernel of truth hidden in these age-old adages for some business owners, these misguided beliefs are regularly impacting business’ bottom lines and killing otherwise perfectly good businesses.
To m…
It’s no secret that tax codes are complicated. Lowering your tax liability and saving your money depends on maxing out the number of tax breaks you take and deductions you claim, but navigating the complex and ever-changing web of rules can be overwhelming. Not to mention the fact that the most common tax breaks, like charitable contributions and the deduction for mortgage intere…
