Businesses in general cannot survive without adequate and detailed records. Online businesses are no different but many do not keep adequate records. Many clicks-only businesses are either run by entrepreneurs who work from home or are very small in scale with 1-5 employees who are always over-worked, simply do not have the time or capability to maintain the records. Yet, record keeping is necessary for a variety of reasons, including tax purposes, bookkeeping, IRS, manageme
According to the SBA, small businesses make up 99.7 percent of US employer firms, 64 percent of net new private sector jobs and 49.2 percent of private sector output. With this many small businesses, there is no surprise that their accounting needs will vary greatly. The most obvious difference in accounting needs arise from the types of businesses. Fifty-two percent (52%) are home-based businesses, 2 percent are franchises, 73.2 percent sole proprietorships, 19.5 percent co
Don’t you just dread doing the end-of-year bookkeeping for your small business? Do you put that particular task off because you have a disorganized heap of crumpled paper that you know will take a long time to sort out? It doesn’t have to be like this. If you take a little time at the beginning of the year to set up your filing system and spend a few minutes each week organizing your paperwork, the task of completing your end-of-year bookkeeping will be much more manageable.
If you have started your own business and you understand that the initial stages are extremely tough. Generally speaking it takes a good 3 years for a new business to get off the ground and to break even. Then again, profitability depends on the individual business. So you moved from the validation stage: Ensuring that you business idea had operating capital and you think you’ve covered your bases as you prepared to launch your new company. To make sure your dream venture d
As a small business owner, you have lots to do as you come closer to the end of the year. The last thing on your mind is most likely filing income taxes for your small business or corporation. Heck, they’re not due for months yet. The sooner you put your mind to organizing your financial records for tax purposes, the smoother the process will be and, most likely, the more money you’ll be able to keep in your pocket when it’s all over. Here are some things that you can begin t