Accounting Articles For Entrepreneurs & Small Business Owners

7 Reasons Why Your Small Business Needs Accounting Software

It’s not unusual for small businesses to encounter certain challenges with respect to financial record-keeping. Many entrepreneurs, regardless of the present-day solutions for modern business operations, rely on conventional books and simple computerized recording systems to be able to keep track of their expenses, returns, profits, revenues and other information related to their money in [...]

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Recovering Economy Burdens Business Owners with Higher Taxes

Entrepreneurs, no matter where they go and what they do, can’t escape taxes. Business owners, regardless of their type, size or industry of the venture they are running, are mandated by law to pay up. In the wake of a recovering economy, heavier taxes are keeping businesses on their toes. Experts recognize that there is [...]

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Upgrading Your Accounting System? 5 Things You Must Do First!

Recent headaches have you thinking about upgrading your accounting system, but here are five things you must do first. According to an article written for the Cable News Network (CNN), users expressed similar problems when discussing their accounting programs. Security issues were a huge concern, along with ease of use. Financial experts offer the following [...]

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Is Your Hobby a Business?

Bonnie Lee clarified at FoxBusiness.com instances when what a taxpayer spends for his or her hobby can be written off as an expense.  During this economic downturn, many small business owners turn their hobbies into businesses.  In such a case, Lee said you can “write off expenses in excess of sales and enjoy a loss [...]

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Small Business Tax Credits You Need To Know About

Small business owners should be aware of tax credits that could reduce their tax liability.  There are many tax credits available.  Some are applicable only for certain types of businesses.  Check out which tax credit enumerated by Bonnie Lee in an article published at FoxBusiness.com that you can use to lessen your tax liability.  Credits [...]

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3 Financial Tools to Track Business Finances

Catherine Clifford shares with Entrepreneur.com readers three affordable financial dashboards to keep your business finances in order.  Financial dashboards sort your company’s financial data to create accounting reports.  These are free to a few dollars per month, much cheaper than paying a pricey consultant.  inDinero organizes your bank, credit cards and financial transactions.  Its plans [...]

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4 Tax Tips for the Self-Employed

There are over 21 million solo or one-person businesses in the United States according to the Census Bureau.  Being a “solopreneur” has its benefits as well as responsibilities.  The procedure of filing taxes, for one, is more complex than the simple one form process for an employee.  To avoid having tax problems, study the federal [...]

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Tax Relief Benefits for Underused Space

Are you considering buying a business property with unused space above and are unsure about what you should or do you already own commercial property with space above and are thinking about getting the best use out of the space? You may be considering converting the underused space into flats for short term letting (FOTS) [...]

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Buy a Business – Asset Purchase vs. Stock Purchase

Buying a business, especially if it is your first time, can be overwhelming.  Will you purchase the assets of the business, or its stock?  Which is more beneficial for you?  There is no clear-cut answer to this question as it really depends on your circumstances.  In an asset purchase, you buy the company’s assets – [...]

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Small Business Taxes: How Business Structure Affects Tax Deductions

Business owners need to structure their business to take advantage of tax deductions and employment benefits.  The right business structure will also limit the liabilities of the owner and protect his or her personal finances from the business.  Nellie Akalp through her article at SmallBizTrends.com compares incorporations and LLCs relative to their respective allowable tax benefits [...]

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Gift and Estate Tax Changes – Are You Ready?

Recall the conversation between Robert Hayes and Leslie Nielsen in the movie Airplane?                                 Robert Hayes … “Surely, you can’t be serious?”                                  Leslie Nielsen … “I am serious….and don’t call me Shirley.” That pretty much sets the stage for this month’s newsletter about exit planning:   The “Are you serious?” state of confusion regarding gift [...]

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Tax Breaks for Small Business Owners

There are some tax breaks for small business owners that you can use when you file your tax return this month.  For corporations that filed last March 15, they can still file amended tax returns, too, to claim tax breaks that they missed.   Sandy Abalos, managing partner of a Phoenix accounting firm, says improvements and [...]

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11 Ways to Improve Accounts Receivable Collections

SUMMARY: Many businesses do a good job delivering their goods and services but then find it difficult to collect payment, often causing a cash flow crunch. This may be because the credit worthiness of a customer was not properly investigated in the beginning or it may be that insufficient attention was paid to monitoring and [...]

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Forecasting Practices for Start-Ups and Small Businesses

What is Forecasting? A definition of Forecasting: – A strategic planning approach that supports management’s attempts to prepare for near and distant future events, based largely on past and present year’s data and trend analysis. Forecasting starts out from compiling a set of assumptions based on the experience, judgment, and knowledge of the management team. [...]

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How to Value Inventory when Buying a Business

Buying a business can be a complicated process.  There are many areas that may cause the failure of purchase negotiations or cause animosity between the seller and buyer.  One such area is the valuation of the business.  Determining the worth of a business is a crucial and critical aspect of the buying process.  If you [...]

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Business Worth – How Do You Calculate Goodwill?

Investing, or buying into a business could by some, be compared to getting married; what are you taking on and what baggage is being brought into the relationship! In the case of buying a business, this means finding out the value of any goodwill if assets are transferred at their market value! Therefore, it’s wise [...]

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Selling Your Business – 6 Key Factors To Think About Before You Sell

Maybe you’re selling your business to retire or you’re handing over ownership to a successor. Or perhaps your business has become a financial burden and you feel it’s time to let go. Whatever the reason for selling your business, consider all your options, along with the benefits, consequences and costs. Preivously, we’ve discussed the most [...]

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Small Businesses Hope for Lower Taxes in 2012

Taxes are an important part and issue in running small businesses.  Advocacy groups hope Congress will pass laws to simplify compliance and to lower taxes.  Such measures will help small businesses create jobs and improve the economy.  Much depends, too, on the outcome of the elections in 2012.  Barbara Weltman enumerated tax trends for 2012 [...]

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UK Company Accounts To Be Overhauled

New rules set out by accounting regulator, the FRC will soon force company accounts to include a report (from the audit committee) about the key risks a company faces, both strategically and operationally. Following a review of the current auditing system, the FRC have revealed that many audits fail to communicate key information about a [...]

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8 Tips on How to Value a Business

Valuing a business is a challenging aspect when buying a business.  How can you arrive at the right price for a business for sale?  Will you, the buyer, just rely on the asking price of the seller?  In most cases, the seller wants a price higher than the real price of the business because the [...]

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