Bookkeeping Tips For Small Business Owners
For many startup or small business entities, keeping track of your money is not as intuitive as most financial minded professionals want to admit. Sometimes business owners actually “fall into the business” from an inheritance or maybe as a side job. Once they start to become profitable, the IRS now considers them “self-employed’ with tax responsibilities. Often times these business ventures are run out of personal accounts at first. Even online companies conducting business over the internet fall into this trap as the payments are quick and easy to collect. Low and behold, the “party” comes to a screeching halt when they find out it’s time to pay the IRS bill. As accountants, this is like nails on a chalkboard!
LUXA Enterprises is an outsource accounting group offering accounting solutions to improve bookkeeping tasks in small and mid-size businesses in the Tulsa and surrounding areas.