Small Business Mole|

It’s hard to believe that October is here and it’s approaching tax filing time again. It just sends a quiver down my back to have to again go through all the material just to get ready. One of the bitter lessons I have learned over the years is that if you do not keep reasonable records you could be missing out on a lot of potential deductions and therefore paying more to good old Uncle Sam. Here are a few good reasons to keep records up to date:

Everyone in business must keep records.  Keeping good records is very important to your business.  Good records will help you do the following:

• Monitor the progress of your business
• Prepare your financial statements
• Identify source of receipts
• Keep track of deductible expenses
• Prepare your tax returns
• Support items reported on tax returns

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by Jeffrey Moses

Small-business owners need to be informed about every aspect of financing, from bookkeeping to cash-flow projections to securing loans from bankers. While you may not need to be an expert on each of these aspects (and, really, you can’t be unless you have an accounting degree), the more you understand about these vital components of small-business finance, the greater the chance for your company’s success.

The following checklist spotlights the main financial aspects an owner needs to be at least somewhat knowledgeable about. To learn more about any of these, consult with your business adviser, accountant or attorney––or read about them in any of the excellent accounting/business finance books available online or through retail booksellers.

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