It’s not easy being a small business owner this time of year. Stress levels are on the rise as owners scramble for receipts and hope they’re not leaving money on the table or opening themselves up to an audit. One of the key differences in the life of a business owner versus that of an employed person is that the business owner must keep financial records.

Business Services Include:
Business Entity Selection and Startup
Bookkeeping
● Financial Planning and more

Two Main Benefits of Recordkeeping

There are many important reasons for keeping these detailed records of your business’ financial transactions. For one thing, this data keeps you, as the owner, constantly on top of how your business is doing financially. You’ll be able to make business steering corrections in time to head off crashes.

Another important reason for keeping detailed financial records is that they are required as proof of what you claim on your tax returns! With good records, you can take tax deductions that will leave more money in your pocket. That reward makes recordkeeping well worth the effort.

Business Structure

When beginning a business, you must decide what form of business entity to establish. Your form of  business determines which income tax return form you have to file. The most common forms of business are the sole proprietorship, partnership, corporation, and S corporation. A Limited Liability Company (LLC) is a relatively new business structure allowed by state statute. Legal and tax considerations enter into selecting a business structure.
For additional information, refer to Choose Your Business Structure Web page

Tip #1 Decide if you’re ready to start your own business

Tip #2 Conduct market research into your business idea

Tip #3 Choose your type of business and business structure

Tip #4 Write a business plan for your new business

Tip #5 Create a marketing plan for your new business

 

For more information on starting a business, contact one of our experienced professionals to help get you on the right tract to the path of success.

Thinking about starting a business?
Read this first:
Follow these steps to start a business