Most business owners are familiar with financial planning. It makes sense to formulate a vision for your personal or company goals and how to achieve them. Financial planning deals with how resources are acquired and leveraged to reach those goals. Strategic tax planning, though different, is just as important. Strategic tax planning should go hand-in-hand with financial planning.
The end of one year and the beginning of the next should always prompt small business owners to think about their business resolutions for the coming year. This is true for 2021 more than any other recent year, after enduring what 2020 brought. These six resolutions not only apply to most small businesses for the coming year but are useful for years to come.
The world of business has changed in ways that were unimaginable just a few months ago. The change has been coming for a long time. Still, with the recent pandemic, quick advances in the virtual office, sales, meetings, customer service, and other aspects of doing business have been thrust upon large and small companies alike throughout the globe. While this brought many technical and procedural challenges, it’s also changed the nature of business overhead costs.
Today’s market can be volatile, and there are many good reasons to diversify ways of generating income. To consider the tax benefits of multiple income streams, first, let’s look at the general reasons to have more than one source of income:
You want your business to thrive, so you’re considering hiring a small business advisor. Before you dive in, you want to make sure that a business consultant will help your business. There are many ways that consultants help companies thrive. Here are four of them:
You want your business to thrive, so you’re considering hiring a small business advisor. Before you dive in, you want to make sure that a business consultant will help your business. There are many ways that consultants help companies thrive. Here are four of them:
When setting up your small business accounting system, one important decision needs to be made before you can move forward: do you want to use cash or accrual based accounting? There are pros and cons to both of these options, and a qualified accountant can help you determine the best approach for your business needs.
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Many small business owners use accounting or bookkeeping services to manage their day to day financial records and reports. They find that these services have a direct impact on the cash flow and profitability of thier businesses. If you are planning to hire a small business accounting service, there are several things that you need to keep in mind before you make the decision.
If you are planning to hire a small business accounting service, it is important that you are selective about the accounting firm that you want. These services have a direct impact on the cash flow and profitability of your company, and there are several things that you need to keep in mind before you make the decision.
According to a recent report from SCORE, more than 40% of small business owners say that bookkeeping and taxes are the worst part of owning a small business. Does that sound like you?