Guide to Small Business Tax Accounting | 6 Strategies
February 7, 2024 | Barton Walter and Krier
Tax season is officially underway, and let’s be honest, it’s not most people’s favorite time of year. You might love owning a business but get nervous every time you think of that April 15 deadline. Don’t worry! At Barton, Walter & Krier, we have all the tips and strategies you’ll need to minimize your business’s tax burden and maximize profitability. Without further ado, here is our 2024 guide to small business tax accounting. 1. Prepare Financial Records The first step to a successful tax season is preparing your financial records. It helps to maintain these records throughout the year so that you don’t have to scramble to find them at the last minute. Track all business income and expenses in one place for easy access. Make sure to keep them organized, too. You could use categories such as invoices, bank statements, receipts, and contracts. 2. Separate Your Personal and Business Finances As an entrepreneur or business owner, it’s important to understand that your personal and business finances will always be related. However, it’s best to separate them when keeping financial records and filing your taxes. Mixing them can be detrimental for both categories and could prevent you from obtaining a small business loan. You’ll save yourself a lot of time and energy if […]
Read More4 Benefits of Outsourced Accounting Services
January 17, 2024 | admin
Hiring outsourced accounting services provides numerous advantages to business owners, especially for small- and medium-sized companies. You may wonder, “why outsource when I can do it myself or hire in-house accountants?” Others of you may struggle to keep up with the demands of running a rapidly growing business and are looking for ways to manage your workload. Wherever you are in your entrepreneurial journey, outsourced accounting services can save on resources and help avoid financial pitfalls. Let’s look at four key benefits together. Save Money Whether your business is nonprofit or for profit, you want to cut expenses wherever possible. And the more your business grows, the more expensive it becomes to keep your accounting in-house. Outsourcing your accounting functions saves you money on hiring and training costs, wages, and benefits paid to employees. It also removes the need to purchase and maintain the latest accounting equipment and software. The funds you save by outsourcing can then be redirected to other areas of your business. Save Time Running a business is a time-consuming endeavor, especially if you’re doing it alone or with just a few employees. Outsourced accounting services can save you countless hours and a great deal of stress, freeing you and your team to focus on the tasks in which you […]
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