If you run a small business, don't run afoul of the law when it comes to financial and tax planning. Read some do's and don'ts to get and keep your finances in order.
For a small majority of small businesses, this year’s tax deadline passed without nary a worry and this can mainly be attributed to their use of a qualified public accountant. These savvy business owners realized very early on that managing one’s books was one task that could and should be outsourced. And by outsourcing this important business task, valuable time was saved which allowed the owner to concentrate on their core strengths: running their business.
Within my P.A. business, I have set forth a few Do’s and Don’ts for my clients to follow which helps facilitate our relationship:
- Do open a business account, complete with business checks, for your small business. And depending upon the nature of your small business, you may want to shop around to find the bank that better fits your business needs. For instance, some banks are now open on Saturday – and even Sunday.
- Do keep track of your receipts – place in a monthly folder along with the respective bank statement so that they’re easily reconciled.
- Don’t mix your business and personal expenses. Even if you don’t have a corporate credit card, you can use one of your personal cards that you can earmark for business expenses only.
- Don’t wait until the end of the year to reconcile your monthly bank statements. You’ll save time – and more importantly money! – if you provide your accountant with statements each month or even quarterly. Some accountants even offer pick-up and delivery service.
For questions, or for a free consultation, please contact me at Alesya Sherman, P.A. Tel: 954-509-1002
Or visit our website: www.aleysasherman.com, you can also e-mail me at
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Finances
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