If you are an entrepreneur considering starting your own business, or if you’ve already opened your business but you aren’t sure how to facilitate its growth, one of the best pieces of advice out there is to pay yourself first. Learning what this means and putting it into practice is the cornerstone of your small business’s success.
If you’ve ever toyed with the idea of hiring a professional bookkeeper, but you’re not sure it’s worth the extra money, you’re certainly not alone. Below, you can learn about five surprising ways in which a professional bookkeeper can help your business grow both now and in the future.
When you are running your own business, taxes are one of the most important things to stay on top of. No business wants to be audited by the IRS. An audit can be time-consuming, costly, and very stressful for a small business owner. Let’s talk about some expert tips on how to keep your business away from the audit zone.
If you feel like your business has been stagnant or isn’t going as well as it should be, accurate bookkeeping can give your business the financial boost it needs. Precise accounting provides consistent, clear information that can make a big difference. Accurate bookkeeping brings stability and allows you to keep your business healthy. An expert accountant like Venus Michael can help your small business run more smoothly and even increase its value.
One big part of owning a business is knowing how to lower your tax bill using deductions and tax credits. Certain expenses are not tax-deductible for a business owner. Tax laws require that all deductible expenses are acceptable and required for the type of business you’re running.
As an entrepreneur, it can often feel as if there’s just not enough money to go around. You might feel as if you’re struggling to keep your business alive, much less turn a profit. Fortunately, there are several things you can do to sock away some of your income as profit without even missing it. Here are five of the best tips for doing just that.
There are many reasons you should have a Profit-First bookkeeper taking care of your business finances. You want to ensure that your company is profitable and that money is flowing where it needs to be. A Profit-First bookkeeper maintains detailed records and uses the unique Profit-First system to make your business finances work for you.
Profit First is a revolutionary accounting system that throws out the old rules of accounting. This method takes a percentage of the sales to pay owners first. Separate accounts are created to set aside certain percentages of what’s left for other costs. Owners must modify their expenses to fit the model. Profit First turns businesses into money-making machines. It’s a system that’s easy to understand and use. Here’s a little more information about what Profit First bookkeeping is. A professional service like Venus Michael Account-Ability can get you started with this proven method for increasing profit.
‘Profit First’ was developed by Mike Michalowicz to help small business owners maximize their profits and grow successful businesses. This financial rescue system puts profit ahead of expenses. It changes up traditional accounting rules to ensure that your business maintains predictable profits. This system shows you how to allocate certain percentages of the revenue you have coming into best benefit you. Essentially you are prioritizing your pay as owner followed by your taxes, and other operating expenses.
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