As a small or start-up business owner, one of the major things you need to consider before you commence operations is your business taxes and accounting. Many start-ups regretfully leave this for later, but this is something you’ll want to get to work on as soon as possible.
In this article, we’ve provided 6 tips which you should consider before starting a business or in the early stages of business. As Captain Number Cruncher, Robley Baynes can assist you with the specific areas provided below.
- Track Your Expenses From Day One
From the very first purchase, you’d need to monitor and keep track of your expenses to reduce tax liabilities. Often a business owner’s core focus is creating or maintaining products or building clientele whilst neglecting the accounting aspect of the business. Ensure you keep track of all expenditure from the beginning in order to keep your books up to date and accurate tax filings.
- Create A Separate Bank Account
No matter how small your business is, you should create a business bank account. Even if you are working as an Influencer by yourself, we recommend keeping all your business and personal expenses and earnings separate from now on.
It’s much easier to keep records straight and pay your taxes from your business earnings when you have everything separate. Look around to find the best options for your type of business so that you have somewhere you can trust for your banking for many years to come.
- Research Tax In Advance
There’s nothing worse for a start-up than to reach the end of the year and be stung with a huge tax bill. For that reason, we encourage you to start preparing for your tax as soon as possible. The more knowledge you can acquire at this stage about tax, the better prepared you’ll be as your business begins to expand.
- Establish Your Financial Goals
When it comes to the early stages of your business, you need to have financial goals in place for your future. A financial goal is a target to aim for when managing your money. It can involve saving, spending, earning, or even investing. Create a budget for the company and stick to it ensuring that you are tracking your expenses. You want to make certain you don’t push your finances too far in the early stages, especially before you’ve secured your first customers.
All Your Goals Must Be SMART!
- Specific
- Measurable
- Achievable
- Realistic
- Timely
- Ensure Your Payments Are Always Up To Date
Clients who don’t pay on time are one of the biggest issues for new companies or sole entrepreneurs. Robley Baynes is extremely passionate about Cash Flow Management, and we understand how severely late payments can impact your business. From the day you make your first sale, make sure you are keeping on top of receivables to ensure payments are made on time. The sooner you get into this habit, the easier it will be to continue good practices in the future.
- Contact Robley Baynes
It’s never too early to start working with Robley Baynes to protect your earnings for the future. We help small businesses grow to their true potential and will provide guidance to your business from day one of your operations. We offer Cloud Accounting and technology that will allow you to run your business from anywhere. The sooner you can get a good accounting system in place, the better protected your fortune will be. Contact us via cell or email at 1868 293-1508 or service@robleybaynes.com to get started today.