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Financial Fundamentals
Written by: Rodger BlakerArticle Overview: It's very easy to go into business, and running a business is easy if you have great systems to track your finances automatically, effortlessly, and accurately. Those systems don't "cost", they truly pay off in wonderful ways. Follow the basics. There will likely come a day when you'll be delighted you did!
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Financial Fundamentals
Many people in business have to do a considerable amount of travel and often the tax authorities will question travel expenses. This appears to be a common area for entrepreneurs and professionals to "cook the books", so the IRS often looks at it very closely. Fortunately, we seem to be well prepared.
It also appears that often small business owners do not maintain adequate records and details. If this is true, that is astonishing, because keeping good financial records is essential. For review,
here are a few items to double-check to be sure you're doing it right:
1. Have a separate bank account, credit card and accounting system for your business and NEVER mix personal expenses with your business. Never buy a business computer and a vacation trip with the same credit card. Never deposit a business payment to your personal checking account. These steps cost very little and could save you heartache and money down the road.
2. Keep every business receipt. You may not always list it in the right account, and your Accountant or the tax folks might quibble about whether it's a business expense, but with a receipt
you have hope. Without it, you got nothing!
3. Never, ever, cheat or cut corners. It just isn't worth it. Over the years there have been unbelievable stories of professional and business owners who should clearly know better, thinking they could either hide income or use a business expense for personal gain. Statistically, you might get away with it, but at what cost?
4. Hire and use a great Accountant! It may cost you a lot to retain the services of quality legal and accounting advice. However, in the long run you give yourself the best chance for making things easy. By following expert advice and doing it right, you will minimize the stress. What a bargain!
It's very easy to go into business, and running a business is easy if you have great systems to track your finances automatically, effortlessly, and accurately. Those systems don't "cost", they
truly pay off in wonderful ways. Follow the basics. There will likely come a day when you'll be delighted you did!
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Article Tags: accountant, accounting advice, accounting system, adequate records, business computer, business expense, business payment, checking account, expert advice, heartache, irs, money down, personal expenses, personal gain, running a business, small business owners, tax authorities, travel expenses, unbelievable stories, vacation trip
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Great topic Kevin!!
Jude
Hola, Ciao, Bonjour, What's Up?
- Hi all, my name is Stephen Alred. I'm 20 years old and I'm currently a student in Finance & Marketing. I started my company, Cloud 9 Financial Consulting, last year and wanted to join the forum to absorb the wealth of knowledge that's being shared.
A little background, my company targets entrepreneurs specifically because they tend to appreciate our low costs and agility more than the common investor. We pride ourselves in leveraging free cloud technology to conduct a session anytime, anywhere, in real-time...this piques the interest of business owners that are always on the go. We have virtually no overhead, so we have a lower cost but same quality as anyone else around. We tend specialize in creative investments. Since we don't manage money, we provide very unique ways of advising our clients where/with whom they should place their money.
Look forward to learning a lot from you guys!
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