It’s never too late. Yes, never too late to figure out your finances and set things straight for the year ahead. Now is the perfect time to begin, especially for small business owners to plan their finances, get organized, and have a financial roadmap set for the entire year. Here, are a few quick steps to get you started:-
- Expert Advice – Speak to a CPA – Instead of focusing on short term objectives such as tax planning for the current year; it would be beneficial to seek advice on how your long term objectives could be aligned with the financial obligations and profits of the company. A tax advisor would be perfect to guide you, in this scenario. So, go get that appointment!
- Review your business entity – Different entities are subject to different financial liabilities and legal obligations as well. For example, many small businesses begin as DBA (Doing Business As), and eventually grow into bigger entities. They need to form the right business entity, in order to get covered in terms of financial risk and taxes as well. It is therefore necessary to validate the nature of your business entity with a financial advisor and make proper changes accordingly.
- Gather estimates for tax payments for 2012 – Forecast, collect profits from the past year, review losses for the past year and assess estimated tax payments for the current year. This would give you a fair understanding of the cash flow as well as the cash flow situation for new projects in the coming year
- Separate business and personal finances – Need we say more? Have a business credit card – to keep track of business expenses, and a business savings/checking account as well.
- Get creative and organized with technology apps – Figure out the challenges you face for daily operations and nose around a bit, looking for web based applications that solve these problems at affordable costs. Freshbooks and Expensify are examples of such tools for invoicing and expense reporting. Give them a shot!
- Go the good old way – traditional cleaning – Those old files, books, and your laptop keyboards need a dusting, don’t they? These activities may particularly not interest you, but they can bring about an immense amount of satisfaction and an upsurge of energy, making a difference to not only your mindset, but also your productivity, bottom line and zeal to work.
While you take the right measures so your small business or startup functions smoothly on legal and financial aspects, it is also important that you partner with the right IT firm for your software needs.
Whether you need a small gaming or mobile app, or quickly get your website up and going, talk to the IT team at Suyati. You can trust our Technology team to build a trustworthy as well as business-worthy relationship, ensuring that your engagement covers business functionalities, skill sets, experience and expertise- tailor-made to help you achieve your business needs.
What’s next? Visit www.suyati.com to know how best our global IT services and solutions can help advance your business – at home and abroad.