The first priority on setting up your system to record the deposit of your expenses when you decided to start your own business? I seriously doubt it. This simple task (yes it is simple) is usually the element that is the last thing on the mind of the new employer. More questions "important" products to sell, and how I'm going to advertise, how much money is it going to cost me, and how can we make money myself are the first issues that take into account when starting a business.
Usually procrastinated task of keeping the books until the last minute, when necessary. It is time to submit your tax return, or the time to go to the bank for a loan to businessmen and bankers want to see some financial records of the company. This can be a daunting task and very cumbersome if you have to dig through the income and expenditure for the whole year! No wonder we hate recordkeeping. This is not funny!
Well, guess what? If you do not register the correct records, timely and updated monthly, you do not need to be in business. This is true. I told him. Here are the top five reasons why I truly believe this statement.
1. Tax cuts lost = lost money if you throw your receipts in a shoebox each month and do not keep track of the organization of your income and expenses, I bet you money that you can lose some of the significant tax cuts. A smart businessman to track their income (in cash) and expenses (cash) per month, and sometimes every week. You do not need a fancy accounting software to do so. You do not even need a computer! Just to keep a monthly magazine and record receipts and bills, and there you have it.
2. High CPA / tax rates contagious = lost money I can speak from personal experience that if you make rectangular as revenue in the year, and we expect a contagious disease for your taxes and fees Discount properly your business on your tax return, unfortunately I was wrong. Tax season is the busiest time of the year for these professionals. If you expect to do your accounting and record keeping and is expected to pay for this. They do not have the time or desire to ensure that each received is counted. As an entrepreneur, it is your responsibility to ensure that they receive the total right and you can find it all on your tax return.
3. I spent a lot of time looking for recipes for the time you spend searching for the last receipt for the purchase of private for any reason, you can use this time in advertising or production of your product. It is significant money generating activities you sacrifice because of your lack of record keeping.
4. Should not be the financial statements each employer at least consider the profit and loss (income) monthly business. It is an important part of the document indicates whether you make money or lose money. How do you manage your business can make a profit if you do not have to analyze sales and expenses continuously? It a system of good record keeping allows you to obtain this information at your fingertips.
5. No need for expensive accounting software If you are just starting your business or are a small business owner, you are most likely not need to prepare a program of your books. A simple magazine which is maintained your monthly income and expenses is all you need. In short, you know how your company's performance for that particular month.
As a business owner, you must understand the importance of having a good system of record keeping. This should also be the head of the employer for at least three to six months before delegating the task to someone else. Will be able to manage your business more effectively and to identify possible avenues of exercise, and know where your money goes. Your work will be more effective if you keep a simple accounting system.
No comments:
Post a Comment