If you are in the early stages of running a business, there are a couple of basic requirements to make sure your accounting is in good shape. At a minimum, the business needs to:
- Have accurate, current numbers, and
- Pay business taxes on time
Early on, it’s normal for a small business owner to manage the bookkeeping themselves. There is not a lot of volume and a good tax preparer can take your clean books and prepare a simple business return.
However, as the business starts growing, the bookkeeping is usually the first thing that gets pushed to the side. We see this time and time again with entrepreneurs – “I’ll catch up on the books later.” When you start seeing this happen with your business, it’s time to outsource the bookkeeping to a professional. Your books will remain current and you can start using that good data to track business performance and plan ahead for taxes.
As the business grows, so too will the complexity of the accounting.
Like most business-owners, you are planning for growth; this means the accounting will consistently evolve. As you increase sales, hire employees, and incur more expenses, it becomes increasingly important to have the right team managing your business finances. That is why we’ve created a comprehensive guide on what to expect, what to plan for, and what to implement at every phase of your business development.
In it, you will find:
- How accounting and tax planning will support the growth of your business
- An accounting task list for each business phase
- Advice on what you should reasonably expect if you outsource your accounting
- Key accounting dates and planning advice
- Additional free resources
Designed to keep your accounting on track as your business grows, you can download our free ‘Nail the Basics’ resource here. When it comes to your accounting, the best thing you can do for your business is to be prepared with a solid plan before you need it.
If you would like further information or advice specific to your business needs, you can get in touch with a member of the Walker Glantz team here.