Here at Bryant & Associates, P.C., our team of Lincoln certified public accounting specialists wants small business owners to be aware of their responsibilities when it comes time to file taxes. Many think the Internal Revenue Service spends all its time watching big corporations to make sure they’re crossing all their T’s and dotting their I’s. However, they do focus on small businesses as well. For this reason, it’s especially important for small business owners to make sure that they’re following the rules in order to avoid business tax issues. This will keep you from having huge headaches and potentially destroy the businesses that you’ve built from the ground up.
In this article, our small business accounting professionals at Bryant & Associates will share some advice to help keep your small business finances organized so you don’t get caught off guard when tax time rolls around.
First Steps to Take for Small Business Accounting
There are a few things to keep in mind right off the bat when it comes to organizing your small business finances. Taking these tips to heart can eliminate many small problems before they turn into red flags for the IRS.
1. Hire a Lincoln Accountant
Any small business owner who’s tried to go it alone keeping tabs of their finances knows that it isn’t easy. The question here becomes whether it makes sense to handle things by yourself, especially if you’re not a professional, and risk making costly mistakes. When you hire a Lincoln business certified public accounting firm like Bryant & Associates to manage your finances, you can be more successful. This will keep mistakes from occurring and can really help your business in the long run.
2. Keep Detailed (and Organized!) Records
Are you one of those small business owners who simply dumps important receipts and documents in a box, which you lovingly call your “filing system”? You should reevaluate how you document sales and expenses. Part of being organized is knowing exactly where important documents are. That way, you can access them at a moment’s notice. If you find yourself scrounging for that important receipt that you could have sworn was around someplace, stop wasting time. Let our team at Bryant & Associates help you come up with a better system.
3. Be Prompt When Filing Taxes
This is possibly one of the most important pieces of advice a small business owner can get because most small business tax problems arise because of late filings. Filing your quarterly taxes on time, every time, not only keeps you from accruing avoidable debt, but also says a lot about the way you run your business in general. Being detail-oriented in this way helps your business to run smoothly. It also eliminates a lot of the stress you face on a day-to-day basis.
Contact Bryant & Associates, P.C. Today at (402) 423-0404!
By heeding this simple advice, you can be well on your way to eliminating much of the stress that comes from filing your small business taxes. If you have questions about how to reorganize your small business accounting processes and want to know what our firm of certified public accounting specialists can do for you, please call Bryant & Associates today at (402) 423-0404!