There is a common misconception that everyone goes out of their way to minimize their tax burden. In
reality, the vast majority of small business owners overpay their taxes as they fear egregiously punitive
penalties stemming from an audit. As is often said, it is better to be safe rather than sorry. Let’s take a
quick look at some tax tips that will help small business owners save money during tax season.
Wondering if you’re doing everything you can to boost revenue and cut costs? Or if your business is actually more profitable this year than it was last?
The best way to answer these questions is with a thorough assessment of profitability.
That’s where gross and net profit calculations come in. These are two of the most important metrics for measuring your capacity to generate earnings relative to costs and expenses.
Let’s take a look at the differences between gross and net profit, and what they can reveal about the financial health of your business.
So you’ve set up your business and sold some products and services. Now, you have to send an invoice to collect your payment. But what should you include on your invoices in order to get paid faster?
Even if you’ve been running your business for a while, you might be missing other information that you should include. So here is a step-by-step guide on what to include on your invoices.
Your cash flow forecast can help you monitor your day-to-day cash flow and anticipate when times will be slow before they hit. By anticipating when cash coming into your business might be light—or when you might have to spend more than you’re accustomed to—you can avoid a cash crisis.
Keeping track of sales, earnings, expenses, and purchases is fundamental to the overall health and sustainability of your business. Effective bookkeeping produces the data you need to evaluate your current practices, anticipate challenges, and set attainable future goals.
While working at home as a freelancer sounds like the ultimate dream for anyone who tires of the rat race, freelancers still have more than their fair share of financial matters to worry about. In fact, perhaps the most important trait that any freelancer should have is the ability to be fully responsible and accountable to themselves, and saving money is something that you will be wholly responsible for.
The nuances of bookkeeping vary from one corner of the market to another. When assessing candidates, it’s important to look not only at total years of experience, but also at the relevance of that experience. For example, if your business is fashion, a bookkeeper who has primarily worked in the auto industry won’t have the insights into your industry that can really add value to your work together.
Outsourcing is a great way to save time and money. Learn the top reasons why you should consider outsourcing a bookkeeper, plus what types of things they can help with