Posts Tagged ‘taxes’

March 21st, 2013

Build A Strong Business History

Businesses that have made a difference are the ones that have been able to stand the test of time. Even though you may be just starting your business/home business, build a strong business history. There are some things you can do to build a positive image and secure future success. First, you must do things correctly and legally, following all the rules, and don’t cut corners in order to give yourself the upper hand or to make a quick buck.


Be organized and keep detailed records, as organization is a key to success. There are many important aspects of keeping precise records of your financial dealings, not the least of which is avoiding a major pain at tax time and keeping yourself clear of IRS audits. If you don’t keep clean financial records, it can be difficult if not impossible to claim some of the tax breaks your company is entitled to. Some companies ride so close to the black line, that it can be those tax deductions that help turn a profit for the year. Business experts advise keeping your records for a minimum of three years.


Keeping track of your business transactions doesn’t have to be complicated or too technical. For many years, businesses have managed record keeping through a simple system of writing down all transactions and putting them into some sort of file. You can do the same, or if you’re more comfortable with using a computer and software then you can use that to make your record keeping even easier. However, computer files can be lost in a system crash or even accidentally erased. Be sure to take the time, once a month or so, to make backup files of all your important records. If you are in charge of a second business, make sure you keep those records separate.


Day to day operations can create a “can’t see the forest for the trees” mentality. If you have the records and an easy system with which to look back over your numbers, you’ll never have to rely on your feelings or memory to gage how well your business is doing. And, don’t count totally on your account, although at times it’s unavoidable. It is in your best interest, as a business owner, to at least have a working knowledge of the books. Anyone could fall victim to a less-than-scrupulous accountant. The more you know about your business’s records, the less likely you are to become someone’s prey. Besides, with the knowledge and ability to take care of your books, you can cut back on what is oftentimes a very expensive bit of payroll. Always act in a professional manner, no matter the situation and create skilled business ties at the beginning of your venture, so that inquiries regarding your operation can be answered in a positive light.


Copyright © Rahimah Sultan

I’m an entrepreneur with a focus on internet marketing. I’ve been in offline MLM in the health and wellness area, and I am now focused on building my Internet business that includes blogging, social media and affiliate marketing.


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