If you’re opening a new business, you may already have your business plan and startup funding all lined up. But have you given any thought to how you will manage bookkeeping for your new business? If not, you should take some time to do so. Making even tiny accounting mistakes could result in added expenses or even legal problems.
To protect your bottom line and your new business’s reputation, you need to check out these essential accounting resources for small business owners, presented by Valery Molone.
When You Want to Play It Safe…
Look if you are starting a new business you’re going to have enough on your plate. So, it may be well worth it to get help when it comes to taking care of essential tasks like bookkeeping.
● Hiring a pro can help you avoid costly errors and even legal issues.
● Hire a financial consultant for a big-picture assessment of your finances.
When You Prefer to DIY…
If you do plan on taking care of bookkeeping and accounting tasks on your own, you need to educate yourself around some business money basics. Even so, remember that mistakes can cost you big time.
● If you want to DIY, start by checking out and using an accounting guide.
● Proper bookkeeping is essential to the success of your small business.
● Investing in the right accounting software can also make bookkeeping less stressful.
● Use software (such as QuickBooks Payroll) to help you process payroll. It’s also a good idea to have an understanding of payroll and how it works.
When You Make a Mistake…
Before you decide whether to work with a pro or DIY, it may be helpful to understand just what sort of problems bookkeeping issues can cause for your business.
● Even small errors can cost you money.
● But making even bigger miscalculations could lead to serious consequences.
● Failing to keep proper records for even small expenses could trigger a costly IRS audit or tax penalties.
● You could also face fines and legal trouble if your financial reports are inaccurate.
Bookkeeping may not be the most glamorous part of starting a new business, but it is essential for success. Without proper bookkeeping, you could end up losing more money than you are making or you could even land yourself in court.
Business coaching can help you achieve your entrepreneurial and leadership goals. To learn how Valery Molone can assist you, call (516) 681-2534 today.
This article was written by Julie Morris.
* Tell me in the comments below: Are you planning to hire a bookkeeper for your business, or do you prefer to DIY?
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