Cash Flow Planning for Life - Helping you reach your personal & professional financial goals.

Cash Flow Planning for Life

Helping you reach your personal & professional financial goals.

Are you a small business owner?7 Things Every Small Business Owner Need to Know

Have you been considering starting a small business? 

Are you looking for guidelines that can help you build a solid foundation for your business?

Every business owner is faced with the same business questions at one time or another. Not dealing with the questions can cause problems, they can even create hurdles that can eventually put you out of business.

Being proactive allows you to grow your business on a solid foundation. Understanding these questions can make the difference of whether they become a problem.

Reviewing the seven things to know from our free eBook, 7 Things Every Business Owner Needs to Know, can help create a positive working environment which allows you to grow your business while tackling these potential problems.

1) Cash Flow Management

The number one key to a successful business is cash flow management. Reducing your overhead by trimming expenses of any unnecessary expenses is a practice of most established businesses.

2) Tax Planning is a Year Round Activity

To effectively plan for taxes, remember tax planning should be a year round activity. When managing losses, it is critical to work with a CPA who understands how to offset them against other income. Staying on top of your taxes means working with your taxes all through the year.

3)  Human Resources and Payroll Issues

If mistakes are made with payroll processing, it can be can be time consuming and expensive. The rules are complexed. Poor documentation can cost you money, so having clean, updated payroll files are a must. Hiring a payroll service can be a great solution.

4)  Small Business Accounting and Information Technology (IT)

One of your most important decisions you will have to make is choosing the correct accounting software package for your company. No matter which accounting software package you select, it’s mandatory to back up all your files. Always work with an IT professional to make sure your system is working correctly, and backing up the files.

5) Advertising vs. Web Marketing

Times are changing, and so is marketing. Newspapers, Yellow Pages, radio, and TV are not bringing in the same results web marketing does for the money spent. Google, along with the many other search engines make sure that all your activity is measurable.

6) Meal and Entertainment Deductions

Documentation is the key for tracking meal and entertainment expenses. Remember to document each receipt with the individuals that were present, the business that was discussed and the date of the meeting. Know your guidelines for documentation and stick to them.

7) Travel and Uniform Reimbursement Policies

Reimbursement of employees for expenses incurred while away from the office on business are how most employees handle travel.  However, reimbursements are treated differently whether an accountable or non-accountable are in place, so know the difference.

Check Out Our Library

For more information regarding these seven guidelines, download our free eBook,  7 Things Every Business Owner Needs to Know, from our online library.

Work With ProfessionalsMark Makara

At Makara & Associates, our professionals can assist you with all your accounting needs, as well as your future planning. Visit our website today!

Contact us online or call our Naples Office at (239) 384-9688 or our Fort Myers Office at (239) 768-5008.

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This information is based on facts, assumptions and representations as stated and authorities that are subject to change. We will not update this information for subsequent legislative or administrative changes of future judicial interpretations.
LEGAL NOTICE AND DISCLAIMER: The information within this blog is for informational and educational purposes only and is not tax advice and should not be used as such. The facts of each individual situation can have significantly different outcomes when applying tax law. The hiring of a CPA is an important decision not to be based solely on advertisements.

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