Questions Small Business Owners Need To Ask
Are you a small business owner? Do you find it difficult to stay on top of all the hurdles that come your way?
Every business owner, whether you are incorporating your business today or have been running a business for years, ends up asking the same questions. I encourage owners to ask the questions and find the answers before they become a problem.
In my many years of helping small businesses, I have found that successful small business owners tackle these potential hurdles right on before they become a problem that could put them out of business.
Here are samples of questions from seven areas of business that I get asked:
1. Cash Flow Management, Financing Options & Banking Relationship – #1 Key to Success
- Where does “cash” flow come from?
- How much “cash” will I need to start or expand my business?
- What type of financing will I qualify for?
- What banking relationships do I need?
- What kind of bank accounts do I need?
2. Tax Planning Is a Year Round Activity
- Is the business making a profit of losing money?
- What is the revenue recognition policy? Is it the correct policy for the industry?
- What is capitalization policy or losing money?
3. Human Resources and Payroll Issue
- What are the do’s and don’ts of human resource and payroll processing?
- Do you have tips for maintaining employee files?
4. Small Business Accounting and Information Technology
– Can you help me choose an accounting software package?
- What practices should I have in place for backing up my data?
5. Advertising versus Web Marketing
- What type of advertising should I do?
- Magazines? Newspapers? Networking Groups? TV?
- Internet? Social Networking Sites?
6. Meals and Entertainment Deductibility
- How much of my entertaining expenses can I deduct?
- What type of documentation do I need?
7. Travel and Uniform Reimbursement Policies
- What is the difference between an accountable and non-accountable plans?
Would you like more information and the answers to these questions? Check out my FREE eBook library and download “7 Things Every Small Business Owner Needs To Know”.
I have worked with small business owners across the United States in resolving these questions and improving the accounting function of their business. Interested in talking one-to-one with me? Contact me at Makara & Associates, LCC online or call my Naples office (239) 384-9688 or Fort Myers office (239) 768-5008.
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-Mark
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.
